IRS releases updated income tax brackets for 2020

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The IRS on Wednesday released the updated tax brackets for the 2020 filing season, which have been modified to keep pace with inflation.

The 2020 filing season refers to taxes that need to be filed in April 2021.

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Here’s a look at the new rates:

Single filers

10 percent for incomes up to $9,875
12 percent for incomes over $9,875
22 percent for incomes over $40,125
24 percent for incomes over $85,525
32 percent for incomes over $163,300
35 percent for incomes over $207,350
37 percent for incomes over $518,400

Married couples filing jointly

10 percent for incomes up to $19,750
12 percent for incomes over $19,750
22 percent for incomes over $80,250
24 percent for incomes over $171,050
32 percent for incomes over $326,600
35 percent for incomes over $414,700
37 percent for incomes over $622,050

For the 2019 rates, click here.

Married individuals filing separately

10 percent for incomes up to $9,875
12 percent for incomes over $9,875
22 percent for incomes over $40,125
24 percent for incomes over $85,525
32 percent for incomes over $163,300
35 percent for incomes over $207,350
37 percent for incomes over $311,025

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Additionally, the standard deduction will increase to $24,800 in tax year 2020, a $400 increase, for married taxpayers filing jointly. For single taxpayers, it will rise by $200 to $12,400.

The maximum amount for the Earned Income Tax Credit will rise to $6,660.

The Alternative Minimum Tax exemption will rise to $72,900 (from $71,700) and will begin to phase out at $518,400 (from $510,300). For married taxpayers filing jointly, the exemption will be $113,400 and the phase out will begin at $1,036,800.