2020 Year-End Tax Guide

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THE MARCUM 2020 YEAR-END TAX GUIDE

2020 Tax Reference Tables

2020 INFLATION/COST OF LIVING TAX UPDATES

GIFT & ESTATE TAX EXEMPTION 2020 Gift Tax Exemption $11,580,000 Estate Tax Exemption $11,580,000 GST Tax Exemption $11,580,000

2021 (PROJECTED)

TAX BENEFIT

2020

Standard Deduction Married Filing Jointly

$24,800 $12,400 $12,400 $18,650

$25,100 $12,550 $12,550

Single

Married Filing Separately

HEALTH SAVINGS ACCOUNTS CONTRIBUTION LIMITS 2020

TAXABLE INCOME THRESHOLD FOR LONG-TERM CAPITAL GAINS RATE $18,800 Foreign Earned Income Exclusion $107,600 $108,700 Maximum Taxable Social Security Earnings Base $137,700 $142,800 Head Of Household

2021 Projected

Single/Family

$3,550/$7,100 $3,600/$7,200

Age 55+ Catch-Up

$1,000

$1,000

2020 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS

2021 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS

FILING STATUS

Married Filing Jointly Head Of Household

$496,600 $469,050 $441,450 $248,300 $13,150

$501,600 $473,750 $445,850 $250,800 $13,250

Single

Married Filing Separately

Trusts & Estates

2020 INDIVIDUAL INCOME TAX RATES

RATE

SINGLE

HEAD OF HOUSEHOLD

MARRIED-JOINT

MARRIED-SEPARATE

10% 12% 22% 24% 32% 35% 37%

$0 - $9,875

$0 - $14,100

$0 - $19,750

$0 - $9,875

$9,875 - $40,125 $40,125 - $85,525 $85,525 - $163,300 $163,300 - $207,350 $207,350 - $518,400

$14,100 - $53,700 $53,700 - $85,500 $85,500 - $163,300 $163,300 - $207,350 $207,350 - $518,400

$19,750 - $80,250 $80,250 - $171,050 $171,050 - $326,600 $326,600 - $414,700 $414,700 - $622,050

$9,875 - $40,125 $40,125 - $85,525 $85,525 - $163,300 $163,300 - $207,350 $207,350 - $311,025

OVER $518,400

OVER $518,400

OVER $622,050

OVER $311,025

2021 PROJECTED INDIVIDUAL INCOME TAX RATES

RATE

SINGLE

HEAD OF HOUSEHOLD

MARRIED-JOINT

MARRIED-SEPARATE

10% 12% 22% 24% 32% 35% 37%

$0 - $9,950

$0 - $14,200

$0 - $19,900

$0 - $9,950

$9,950 - $40,525 $40,525 - $86,375 $86,375 - $164,925 $164,925 - $209,425 $209,425 - $523,600

$14,200 - $54,200 $54,200 - $86,350 $86,350 - $164,900 $164,900 - $209,400 $209,400 - $523,600

$19,900 - $81,050 $81,050 - $172,750 $172,750 - $329,850 $329,850 - $418,850 $418,850 - $628,300

$9,950 - $40,525 $40,525 - $86,375 $86,375 - $164,925 $164,925 - $209,425 $209,425 - $314,150

OVER $523,600

OVER $523,600

OVER $628,300

OVER $314,150