The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments.
The standard deduction amounts will increase to $12,400 for individuals and married couples filing separately, $18,650 for heads of household, and $24,800 for married couples filing jointly and surviving spouses. amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,650 for unmarried taxpayers. by another taxpayer cannot exceed the greater of $1,100 personal exemption amountalternative minimum tax exemption amountsKiddie Tax.
The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. Unearned income is income from sources other than wages and salary, like dividends and interest. Your child must pay taxes on their unearned income if that amount is more than $1,100 in 2020. Taxable income attributable to net unearned income will be taxed according to the brackets applicable to trusts and estates . For earned income, the rules are the same as before.
The"floor" for medical and dental expenses remains 10% in 2020, which means you can only deduct those expenses which exceed 10% of your AGI. Deductions for state and local sales, income, and property taxes remain in place and are limited to a combined total of $10,000, or $5,000 for married taxpayers filing separately.
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