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What Tax Rates Do I Use for Filing this Year?
January 30, 2020Attention filers…although the IRS released updated tax brackets a few weeks ago, those rates don’t apply until next tax season. The tax figures you will use this filing season are outlined here.
Attention filers…the IRS has recently announced the annual inflation adjustments for 2020, but those are not the rates you will use for filing your 2019 taxes. The rates you will use this filing season are outlined in our blog, IRS Announces 2019 Tax Rates for Individuals. Here are some highlights.
2019 Ordinary-Income Tax Brackets
Tax Rate | Single | Head of Household | Married Filing Jointly or Surviving Spouse | Married Filing Separately |
10% | $0 - $9,700 | $0 - $13,850 | $0 - $19,400 | $0 - $9,700 |
12% | $9,701 - $39,475 | $13,851 - $52,850 | $19,401 - $78,950 | $9,701 - $39,475 |
22% | $39,476 - $84,200 | $52,851 - $84,200 | $78,951 - $168,400 | $39,476 - $84,200 |
24% | $84,201 - $160,725 | $84,201 - $160,700 | $168,401 - $321,450 | $84,201 - $160,725 |
32% | $160,726 - $204,100 | $160,701 - $204,100 | $321,451 - $408,200 | $160,726 - $204,100 |
35% | $204,101 - $510,300 | $204,101 - $510,300 | $408,201 - $612,350 | $204,101 - $306,175 |
37% | Over $510,300 | Over $510,300 | Over $612,350 | Over $306,175 |
Standard Deduction
Under the TCJA, the basic standard deduction has been substantially increased for 2018 through 2025. The standard deduction for 2019 has increased to:
- $12,200 for single filers and married filing separately,
- $18,350 for heads of household, and
- $24,400 for joint filers and qualifying widow(er)s.
Check out our blog, IRS Announces 2019 Tax Rates for Individuals for all the information you need to know about filing your taxes this year, including retirement contributions, qualified transportation fringe benefits and more.
Questions? Contact us.
