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The standard deduction amounts will increase to 12 400 for individuals and married couples filing separately 18 650 for heads of household and.
Federal income tax brackets 2020 standard deduction. The federal tax brackets are broken down into seven 7 taxable income groups based on your filing status the tax rates for 2020 are. The standard deduction for married filing jointly rises to 24 800 for tax year 2020 up 400 from the prior year. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 518 400 and higher for single filers and 622 050 and higher for married couples. 2020 individual income tax brackets.
For single taxpayers and married individuals filing separately the standard deduction rises to 12 400 in for 2020 up 200 and for heads of households the standard deduction will be 18 650 for tax year 2020 up 300.
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