The brackets that apply to these rates have increased approximately 1.5%:

Rate         Single                                      Married Filing Joint

10%          $1 - $9,876                              $1 - $19,751

12%          $9,876 - $40,126                     $19,751 - $80,251

22%          $40,126 - $85,526                   $80,251 - $171,051

24%           $85,526 - $163,301                 $171,051 - $326,601

32%           $163,301 - $207,351               $326,601 - $414,701

35%           $207,351 - $518,401               $414,701 - $622,051

37%            over $518,401                         over $622,051

Long term Capital Gains rates remain at 0% - 20%...depending on your taxable income.

Standard Deductions & Exemptions:

Personal exemptions are suspended through 2025.  Standard deductions:

Filing Status                       2019                            2020

Single                                 $12,200                       $12,400

Married                               $24,400                       $24,800

Head of Household            $18,350                       $18,650

Retirement Accounts:

For 2020, the maximum contributions for 401k’s and Simple IRA’s has increased by $500.

Type of Retirement

Account                                2019                         2020

Traditional IRA, Roth IRA     $6,000                      $6,000

Age 50+                                $1,000 more             $1,000 more

401k, 403b                            $19,000                    $19,500

Age 50+                                 $6,000 more            $6,500 more

Simple IRA                             $13,000                     $13,500

Age 50+                                 $3,000                      $3,000

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‍Photo by Karsten Würth on Unsplash