The IRS released the federal tax rates and income brackets for 2020 on Wednesday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation.
For married individuals filing jointly:
10%: Taxable income up to $19,750
12%: Income between $19,750 to $80,250
22%: Income between $80,250 to $171,050
24%: Income between $171,050 to $326,600
32%: Income between $326,600 to $414,700
35%: Income between $414,700 to $622,050
37%: Income over $622,050
For unmarried individuals:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32% Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For heads of households:
10%: Up to $14,100
12%: Income between $14,100 to $53,700
22%: Income between $53,700 to $85,500
24%: Income between $85,500 to $163,300
32%: Income between $163,300 to $207,350
35%: Income between $207,350 to $518,400
37%: Income over $518,400
For married individuals filing separately:
10%: Up to $9,875
12%: Income between $9,875 to $40,125
22%: Income between $40,125 to $85,525
24%: Income between $85,525 to $163,300
32%: Income between $163,300 to $207,350
35% Income between $207,350 to $311,025
37%: Income over $311,025
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