2020 Standard Deductions
- $ 25,100 - Married Filing Joint Return and Surviving Spouse
- $ 18,820 - Head of Household
- $ 12,550 - Single
- $ 12,550 - Married Filing Separately
- $ 1,100 - Dependent Standard Deduction (Min.)
- $ 1,350 - Additional Amount for Age or Blind
- $ 1,750 - Additional Amount for Age or Blind (Single, not Surviving Spouse)
2020 Exemptions and Itemized Deductions
- $ 0 - Personal and Dependent Exemption
- 10% - Medical and Dental Expenses (AGI Threshold)
- State and Local Taxes
- $ 10,000 - Married Filing Jointly, Single, Head of Household
- $ 5,000 - Married Filing Separately
- Casualty and Theft Losses
- Federal Disaster Losses - Allowed
- Other Losses - Not Allowed
- Miscellaneous Itemized Deductions
- Not Subject to 2% of AGI Limit - Allowed
2020 Credits, Exclusions, and Other Deductions
- Child Tax Credit (Subject to AGI Limits)
- $ 2,000 - Qualifying Child Under Age 17 (Max.)
- $ 500 - Other Dependent (Max.)
- $ 1,400 - Refundable Additional Child Tax Credit (Max.)
$ 2,500 - American Opportunity Credit (Max.)
- $ 2,000 - Lifetime Learning Credit (Max.)
- $ 2,500 - Student Loan Interest Deduction (Max.)
- U.S. Savings Bond Interest Exclusion (MAGI Phaseout Starts)
- $ 121,600 - Married Filing Jointly
- $ 81,100 - Single, Head of Household, and Surviving Spouse
- U.S. Savings Bond Interest Exclusion (MAGI Phaseout Ends)
- $ 151,600 - Married Filing Jointly
- $ 96,100 - Single, Head of Household, and Surviving Spouse
2020 Transportation
- 57.5¢ - Standard Mileage Rate
- 17¢ - Medical and Moving Mileage Rate
- 14¢ - Charitable Mileage Rate
- 27¢ - Depreciation Component of Standard Mileage Rate
- $ 287 - High Cost Per Diem Travel Rate (after 9/30/18)
- $ 195 - Low Cost Per Diem Travel Rate (after 9/30/18)
2020 HSAs, FSAs, and Coverdells
- Health Savings Account (HSA) Deductible Contributions (Max.)
- $ 7,200 - Family Coverage
- $ 3,600 - Self-Only Coverage
- $ 2,700 - Health Flexible Savings Account (FSA) Contributions (Max.)
- $ 2,000 - Coverdell Education Savings Account Contributions (Max.)
2020 Retirement Plans
- $ 19,500 - Elective Deferral to 401(k), 403(b), 457 and Thrift Plans (Max.)
- $ 13,000 - Elective Deferral to SIMPLE 401(k) and IRA Plans (Max.)
- $ 6,000 - Contribution Limit to Traditional and Roth IRAs (Max.)
- Catch-up Contribution Limits (For Individuals Age 50 and Over)
- 401(k), 403(b), 457, and Thrift Plans $ 6,500
- SIMPLE 401(k) and IRA Plans $ 3,000
- Traditional and Roth IRAs $ 1,000
- $ 58,000 - Annual Additions to Defined Contribution Plans and SEPs (Max.)
- $ 290,000 - Annual Compensation Limit for Determining Contributions (Max.)
- $ 600 - SEP Minimum Compensation Amount
- $ 230,000 - Annual Additions to Defined Benefit Plans (Max.)
- $ 125,000 - Highly Compensated Employee Threshold
2020 Estate and Gift Taxes
- $ 11,700,000 - Estate & Gift Basic Exclusion Amount
- Annual Gift Tax Exclusion
- $ 15,000 - Per Donee
- $ 30,000 - Split Gifts by Spouses
- $ 155,000 - Gifts to Noncitizen Spouse
- 40% - Maximum Estate & Gift Tax Rate