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Facts & Figures for 2020


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 $415
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  
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