Facts & Figures for 2020
Listed below are some important Facts & Figures for 2020. Hyperlinks on figures provide a view of historical figures. Use the quick links here to jump to the section you need:
Income tax
Social Security
Medicare
Retirement Accounts
Facts & Figures for 2019 (historical figures)
Income Tax
| 2020 Income Tax Rate Schedule | |||
| Single Filers | |||
| From | To | Rate | Minus |
| $0 | $9,875 | 10% | $0.00 |
| $9,876 | $40,125 | 12% | $197.50 |
| $40,126 | $85,525 | 22% | $4,210.00 |
| $85,526 | $163,300 | 24% | $5,920.50 |
| $163,301 | $207,350 | 32% | $18,984.50 |
| $207,351 | $518,400 | 35% | $25,205.00 |
| $510,301 | no limit | 37% | $35,573.00 |
| Married Filing Jointly or Qualifying Widow(er) | |||
| From | To | Rate | Minus |
| $0 | $19,750 | 10% | $0.00 |
| $19,751 | $80,250 | 12% | $395.00 |
| $80,251 | $171,050 | 22% | $8,420.00 |
| $171,051 | $326,600 | 24% | $11,841.00 |
| $326,601 | $414,700 | 32% | $37,969.00 |
| $414,701 | $622,050 | 35% | $50,410.00 |
| $622,051 | no limit | 37% | $62,851.00 |
| Married Filing Separately | |||
| From | To | Rate | Minus |
| $0 | $9,875 | 10% | $0.00 |
| $9,876 | $40,125 | 12% | $197.50 |
| $40,126 | $85,525 | 22% | $4,210.00 |
| $85,526 | $163,300 | 24% | $5,920.50 |
| $163,301 | $207,350 | 32% | $18,984.50 |
| $207,351 | $311,025 | 35% | $25,205.00 |
| $311,026 | no limit | 37% | $31,425.00 |
| Head of Household | |||
| From | To | Rate | Minus |
| $0 | $14,100 | 10% | $0.00 |
| $14,101 | $53,700 | 12% | $282.00 |
| $53,701 | $85,500 | 22% | $5,652.00 |
| $85,501 | $163,300 | 24% | $7,362.00 |
| $163,301 | $207,350 | 32% | $20,426.00 |
| $207,351 | $518,400 | 35% | $26,646.50 |
| $518,401 | no limit | 37% | $37,014.50 |
| Estates and Trusts | |||
| From | To | Rate | Minus |
| $0 | $2,600 | 10% | $0.00 |
| $2,601 | $9,450 | 24% | $364.00 |
| $9,451 | $12,950 | 35% | $1,403.50 |
| $12,951 | no limit | 37% | $1,662.50 |
| Long-Term Capital Gains and Qualifying Dividends | ||
| Single (taxable income) | ||
| From AGI | To AGI | LTCG Tax Rate |
| $0 | $40,000 | 0% |
| $40,000 | $441,450 | 15% |
| $441,451 | no limit | 20% |
| Married Filing Jointly (taxable income) | ||
| $0 | $80,000 | 0% |
| $80,001 | $496,600 | 15% |
| $496,601 | no limit | 20% |
| Head of Household | ||
| $0 | $53,600 | 0% |
| $53,601 | $469,050 | 15% |
| $469,051 | no limit | 20% |
| Married Filing Separately | ||
| $0 | $40,000 | 0% |
| $40,001 | $248,300 | 15% |
| $248,301 | no limit | 20% |
| Estates & Trusts | ||
| $0 | $2,650 | 0% |
| $2,651 | $13,150 | 15% |
| $13,151 | no limit | 20% |
| Net Investment Income Tax (NIIT) 3.8% tax on the lesser of Excess of MAGI over the following or Net Investment Income | |
| Single | $200,000 |
| Married Filing Jointly | $250,000 |
| Married Filing Separately | $125,000 |
| Standard Deductions | |
| Filing Status | Standard Deduction |
| Single | $12,400 |
| Married Filing Jointly | $24,800 |
| Qualifying Widow(er) | $24,800 |
| Married Filing Separately | $12,400 |
| Head of Household | $18,650 |
| Dependent | Greater of: $1,100 or $350 plus earned income |
| Additional Standard Deductions (add to the regular Standard Deduction) |
|
| Blind (MFJ, MFS or QW) | $1,300 |
| Over 65 (MFJ, MFS or QW) | $1,300 |
| Blind (single) | $1,650 |
| Over 65 (single) | $1,650 |
| Alternative Minimum Tax Exemptions | |
| Single | $72,900 |
| Married Filing Jointly | $113,400 |
| Surviving Spouse | $113,400 |
| Married Filing Separately | $56,700 |
| Estates and Trusts | $25,400 |
| AMT Rate of 28% applies to income over: | |
| Married Filing Separately | $98,950 |
| All other filing statuses | $197,900 |
| Exemption phases out at: | |
| Single | $518,400 |
| Married Filing Jointly | $1,036,800 |
| Surviving Spouse | $1,036,800 |
| Married Filing Separately | $518,400 |
| Estates and Trusts | $84,800 |
| Gift & Estate Tax Exclusions and Credits | |
| Estate Tax Exclusion | $11,580,000 |
| Gift and GST Tax Exclusion | $11,580,000 |
| Annual Gift Tax Exclusion | $15,000 |
| Maximum Estate, Gift and GST Tax Rate | 40% |
| Health Savings Accounts | |||
| Maximum Deductible Contribution | Expense Limit | Minimum Deductible | |
| Single (individual) | $3,550 | $6,900 | $1,400 |
| Family | $7,100 | $13,800 | $2,800 |
| Catch-up (age 55+) | $1,000 | ||
| Education Credits | ||
| Credit | Maximum Amount | Phaseouts begin at AGI of: |
| American Opportunity Tax Credit (Hope) | $2,500 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
| Lifetime Learning Credit | $2,000 | |
| Married Filing Jointly | $118,000 | |
| All other filing statuses | $59,000 | |
Social Security
| Full Retirement Age | |
| Born in: | Full Retirement Age (FRA) is: |
| 1946-1954 | 66 |
| 1955 | 66y, 2m |
| 1956 | 66y, 4m |
| 1957 | 66y, 6m |
| 1958 | 66y, 8m |
| 1959 | 66y, 10m |
| 1960 or later | 67 |
| Social Security Maximum Taxable Earnings | ||
| 2020 | $137,700 | |
| Social Security Quarter of Credit | ||
| 2020 | $1,410 | |
| Social Security Benefits Taxation | ||
| Filing status | Provisional Income* | SS benefit included as taxable |
| Married Filing Jointly | less than $32,000 | 0% |
| $32,000 to $44,000 | up to 50% | |
| more than $44,000 | up to 85% | |
| Single, Head of Household, Qualifying Widow(er) | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and not living with spouse | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and living with spouse | more than $0 | 85% |
* Provisional income is the total of your taxable income except for Social Security benefits, plus tax-free income, plus 50% of your Social Security benefits.
| Earnings Limits | ||
| Before FRA | $18,240 | $1,520/mo |
| For every $2 over the limit, $1 in benefits is withheld | ||
| Year of FRA | $48,600 | $4,050/mo |
| For every $3 over the limit, $1 in benefits is withheld | ||
| After FRA | no limit | |
| Substantial Earnings | ||
| 2020 | $25,575 | |
| Bend Points for age 62 in 2020 | |
| Retirement Benefit PIA calculation (of AIME) | |
| 1st (x 90%) | $960 |
| 2nd (x 32%) | $5,785 |
| 3rd (x 15%) | $5,786+ |
| Family Maximum Benefit calculation (of PIA) | |
| 1st (x 150%) | $1,226 |
| 2nd (x 272%) | $1,770 |
| 3rd (x 134%) | $2,309 |
| 4th (x 175%) | $2,310+ |
Medicare
| Medicare Premiums | ||
| Part B | Part D | |
| Standard Premium | $144.60 | n/a |
| Hold harmless | n/a | n/a |
| IRMAA Premium Adjustments | ||
| Filing Status | Part B | Part D |
| Married Filing Jointly | ||
| <$174,001 | +$0 | +$0 |
| $174,001 to $218,000 | +$57.80 | +$12.20 |
| $218,001 to $272,000 | +$144.60 | +$31.50 |
| $272,001 to $326,000 | +$231.40 | +$50.70 |
| $326,001 to $750,000 | +$318.10 | +$70.00 |
| >$750,000 | +$347.00 | +$76.40 |
| Single | ||
| <$87,001 | +$0 | +$0 |
| $87,001 to $109,000 | +$57.80 | +$12.20 |
| $109,001 to $136,000 | +$144.60 | +$31.50 |
| $136,001 to $163,000 | +$231.40 | +$50.70 |
| $163,001 to $500,000 | +$318.10 | +$70.00 |
| >$500,000 | +$347.00 | +76.40 |
| Medicare Deductibles & Coinsurance | |
| Part A (per benefit period) | |
| Deductible | $1,408 |
| Coinsurance First 60 days | $0 |
| Day 61-90 (per day) | $352 |
| Day 91+ (per day) | $704 |
| Part B (per year) | $198 |
| Part D | $435 |
| First Tier | $4,020 |
| Second Tier (donut hole) |
$6,350 |
| Third Tier (catastrophic) |
above $6,350 |
Retirement Accounts
| Individual Retirement Arrangements (IRAs) | ||
| Traditional IRA | ||
| Limitations | Deductible Contribution | Deductible Catch-up Contribution (age 50+) |
| If Covered by Employer Plan (self) | ||
| Married Filing Jointly MAGI | ||
| <= $104,000 | $6,000 | $1,000 |
| $104,001 to $124,000 | Reduced by 30% for each dollar over $104,000 | Reduced by 5% for each dollar over $104,000 |
| >= $124,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Single MAGI | ||
| <= $65,000 | $6,000 | $1,000 |
| $65,001 to $75,000 | Reduced by 60% for each dollar over $65,000 | Reduced by 10% for each dollar over $65,000 |
| >= $75,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Married Filing Separately MAGI | ||
| <= $0 | $6,000 | $1,000 |
| $1 to $10,000 | reduced by 60% for each dollar over $0 | Reduced by 70% for each dollar over $0 |
| >= $10,000 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| If spouse is covered by Employer Plan | ||
| Married Filing Jointly MAGI | ||
| <= $196,000 | $6,000 | $1,000 |
| $196,001 to $206,000 | reduced by 60% for each dollar over $196,000 | Reduced by 10% for each dollar over $196,000 |
| >= $206,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Roth IRA | ||
| Limitations | Contribution Limit | Catch-up Contribution Limit (age 50+) |
| Married Filing Jointly MAGI | ||
| <= $196,000 | $6,000 | $1,000 |
| $196,001 to $206,000 | reduced by 60% for each dollar over $196,000 | Reduced by 10% for each dollar over $196,000 |
| >= $206,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Single or Head of Household MAGI | ||
| <= $124,000 | $6,000 | $1,000 |
| $124,001 to $139,000 | Reduced by 40% for each dollar over $124,000 | Reduced by 6.67% for each dollar over $124,000 |
| >= $139,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Married Filing Separately MAGI | ||
| <= $0 | $6,000 | $1,000 |
| $1 to $10,000 | Reduced by 60% for each dollar over $0 | Reduced by 70% for each dollar over $0 |
| >= $10,000 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Other retirement plans | ||
| 401(k), Roth 401(k), 403(b), 457(b) | ||
| Deductible Contribution | Deductible Catch-up Contribution (age 50+) | Maximum Total Contribution (includes Employer match, non-deductible contributions, and catch-up) |
| $19,500 | $6,500 | $63,500 |
| SIMPLE IRA | ||
| $13,500 | $3,000 | |
