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Key Financial Data for 2020

Financial Information that Impacts You

09/24/202020

This is the current tax year’s key data for 2020 returns filed.

Standard Deduction: Married, Filing Jointly and Qualifying Widow(er)s - $24,800 Single or married, filing separately - $12,400 Head of Household - $18,650 Dependent filing own tax return - $1,100 Over 65 years of age - add $1,300 Over 65 years of age, unmarried and not a surviving spouse - Add $1,650

Above-the-Line Charitable Deduction: $300 (For those that do not have itemized deductions)

Child Tax Credit: (per child under 17) $2,000

Tax Rate on Long-term Capital Gains and Other Qualified Dividends: • If taxable income falls below $40,000 (single/married-filing separately), $80,000 (joint), $2,650 (estates) – 0% • If taxable income falls at or above $40,000 (single/married-filing separately), $80,000 (joint), $2,650 (estates) – 15% • If taxable income falls at or above $441,450 (single), $248,300 (married-filing separately), $496,600 (joint), $469,050 (head of household), $13,150 (estates) – 20%

Gift Tax Annual Exclusion: $15,000

Business Mileage Rate: $0.575

Medical Mileage Rate: $0.17

Social Security Wage Base: $137,700

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