#2020 IRS INDIVIDUAL TAX TABLES FULL#

In the year you reach full retirement ageĪmerican Opportunity Credit (formerly Hope Credit) Maximum earned income while receiving Social Security

Social Security (employee) rate (OASDI + Medicare)Īdditional Medicare payroll tax on earnings more than $200,000 (single) and $250,000 (combined, married filing jointly) Social Security (self-employed) combined rate (OASDI + Medicare) IRA catch-up contribution (for individuals 50 or older) SIMPLE catch-up contribution (for individuals 50 or older)

Maximum annual benefit for defined benefit planĤ01(k) catch-up contribution (for individuals 50 or older) Note: The personal exemption was suspended by the Tax Cuts and Jobs Act of 2017 for the tax years 2018 to 2025. Standard deduction - married filing jointlyĪdditional deduction age 65 or older - married filing jointly and married filing separatelyĪdditional deduction age 65 or older - head of household Standard deduction - single and married filing separatelyĪdditional deduction age 65 or older - single Businesses and individuals can use this tax table to prepare 2020 tax returns in 2021.Ĭompare the 2020 information to the 2019 tax rates, and reference it as you prepare for and make decisions throughout the year. The IRS has announced the annual inflation adjustments for the 2020 federal tax rates.

2020 irs individual tax tables