Looking Ahead... 2020 Tax Numbers

While you're working on your 2019 tax return, it's a good time of year to peek at next year's 2020 numbers of interest.

• Standard Deduction:

  • $24,800 for Married Filing Jointly (increased $400)

  • $12,400 for Single (increased $200)

  • Additional $1,300 for aged or blind (if Married Filing Jointly)

  • Additional $1,650 for aged or blind (if filing Single)

• Adoption Credit: $14,300 (increased $220)

• Qualified Business Income Threshold:

  • $326,600 for Married Filing Jointly (increased $5,200)

  • $163,300 for Single (increased $2,600)

• Unified Credit against the Estate Tax: $11,580,000 (increased $180,000)

• Annual Gift Tax Exclusion: $15,000 (no change)

• Refundable portion of Child Tax Credit: $1,400 (no change)

• Federal Income Tax Brackets: See tables below.

Want more details and more numbers? Read the IRS’s Revenue Procedure 2019-44.