2020 U.S Quick Tax Facts

2020 Standard Deductions

• $ 25,100 - Married Filing Joint Return and Surviving Spouse
• $ 18,820 - Head of Household
• $ 12,550 - Single
• $ 12,550 - Married Filing Separately
• $ 1,100 - Dependent Standard Deduction (Min.)
• $ 1,350 - Additional Amount for Age or Blind
• $ 1,750 - Additional Amount for Age or Blind (Single, not Surviving Spouse)

 2020 Exemptions and Itemized Deductions

• $ 0 - Personal and Dependent Exemption
• 10% - Medical and Dental Expenses (AGI Threshold)
• State and Local Taxes
  • $ 10,000 - Married Filing Jointly, Single, Head of Household
  • $ 5,000 - Married Filing Separately
• Casualty and Theft Losses
  • Federal Disaster Losses - Allowed
  • Other Losses - Not Allowed
• Miscellaneous Itemized Deductions
  • Not Subject to 2% of AGI Limit  - Allowed

​​​​​​2020 Credits, Exclusions, and Other Deductions

• Child Tax Credit (Subject to AGI Limits)
  • $ 2,000 - Qualifying Child Under Age 17 (Max.)
  • $ 500 - Other Dependent (Max.)
  • $ 1,400 - Refundable Additional Child Tax Credit (Max.)
    $ 2,500 - American Opportunity Credit (Max.)
• $ 2,000 - Lifetime Learning Credit (Max.)
• $ 2,500 - Student Loan Interest Deduction (Max.)
• U.S. Savings Bond Interest Exclusion (MAGI Phaseout Starts)
  • $ 121,600 - Married Filing Jointly
  • $ 81,100 - Single, Head of Household, and Surviving Spouse
• U.S. Savings Bond Interest Exclusion (MAGI Phaseout Ends)
  • $ 151,600 - Married Filing Jointly
  • $ 96,100 - Single, Head of Household, and Surviving Spouse

 2020 Transportation

• 57.5¢ - Standard Mileage Rate
• 17¢ - Medical and Moving Mileage Rate
• 14¢ - Charitable Mileage Rate
• 27¢ - Depreciation Component of Standard Mileage Rate
• $ 287 - High Cost Per Diem Travel Rate (after 9/30/18)
• $ 195 - Low Cost Per Diem Travel Rate (after 9/30/18)

 2020 HSAs, FSAs, and Coverdells

• Health Savings Account (HSA) Deductible Contributions (Max.)
  • $ 7,200 - Family Coverage
  • $ 3,600 - Self-Only Coverage
• $ 2,700 - Health Flexible Savings Account (FSA) Contributions (Max.)
• $ 2,000 - Coverdell Education Savings Account Contributions (Max.)

 2020 Retirement Plans

• $ 19,500 - Elective Deferral to 401(k), 403(b), 457 and Thrift Plans (Max.)
• $ 13,000 - Elective Deferral to SIMPLE 401(k) and IRA Plans (Max.)
• $ 6,000 - Contribution Limit to Traditional and Roth IRAs (Max.)
• Catch-up Contribution Limits (For Individuals Age 50 and Over)
  • 401(k), 403(b), 457, and Thrift Plans $ 6,500
  • SIMPLE 401(k) and IRA Plans $ 3,000
  • Traditional and Roth IRAs $ 1,000
• $ 58,000 - Annual Additions to Defined Contribution Plans and SEPs (Max.) 
• $ 290,000 - Annual Compensation Limit for Determining Contributions (Max.)
• $ 600 - SEP Minimum Compensation Amount
• $ 230,000 - Annual Additions to Defined Benefit Plans (Max.)
• $ 125,000 - Highly Compensated Employee Threshold

 2020 Estate and Gift Taxes

• $ 11,700,000 - Estate & Gift Basic Exclusion Amount
• Annual Gift Tax Exclusion
  • $ 15,000 - Per Donee
  • $ 30,000 - Split Gifts by Spouses
  • $ 155,000 - Gifts to Noncitizen Spouse
• 40% - Maximum Estate & Gift Tax Rate