Tax Rates

Education 2020 Credit and Deduction Limits

Misc. 2020 Tax Rates

Standard Deduction:
Married filing jointly or Qualifying Widow(er) $24,800
Head of household $18,650
Single or Married filling separately $12,400
Business Equipment Expense Deduction $1,040,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2019 tax liability
Standard mileage rate for business driving 57.5 cents
Standard mileage rate for medical/moving driving 17 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $2,000 per qualifying child
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $80,000 for joint filers and surviving spouses, $53,600 for heads of household, $40,000 for single filers, $40,000 for married taxpayers filing separately, and $2,650 for estates and trusts 0%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over the amount subject to the 0% rate, and up to $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts 15%
Maximum capital gains tax rate for taxpayers with adjusted net capital gain over $496,600 for joint filers and surviving spouses, $469,050 for heads of household, $441,450 for single filers, $248,300 for married taxpayers filing separately, and $13,150 for estates and trusts 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles and qualified small business stock 28%
Maximum contribution for Traditional/Roth IRA $6,000 if under age 50, $7,000 if 50 or older
Maximum employee contribution to SIMPLE IRA $13,500 if under age 50, $16,500 if 50 or older
Maximum Contribution to SEP IRA 25% of compensation up to $57,000
401(k) maximum employee contribution limit $19,500 if under age 50, $26,000 if 50 or older
Self-employed health insurance deduction 100%
Estate tax exemption $11,580,000
Annual Exclusion for Gifts $15,000
Foreign Earned Income Exclusion $107,600