IRS releases updated income tax brackets for 2020

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.

FILE: The Internal Revenue Service (IRS) building stands on April 15, 2019 in Washington, DC. April 15 is the deadline in the United States for residents to file their income tax returns. (Photo by Zach Gibson/Getty Images)

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

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.

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