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Mar 22 2020

#2020 #personal #exemption-2020 personal exemption



2020 personal exemption

2019/2020 Standard Deduction Amount

The IRS(Internal Revenue Service) has just announced the annual inflation adjustments for the 2019 tax year. The announcement includes tax brackets, cost of living adjustments, tax rate schedules, etc. We have covered the Tax Brackets of the tax year 2019 in an earlier post. You can click the link down below to visit the page. First and foremost, the standard deduction amount increased to $12,200 for single filers, $18,350 for heads of household, and $24,400 for married couples filing jointly. The additional standard deduction amount for the taxpayers over the age of 65 years old and the blind is $1,300 and $1,650 for the unmarried taxpayers. For the 2019 tax year, the standard deduction amount for an individual claimed as a dependent by another taxpayer can’t exceed the individual’s earned income by $1,100.

Married-Filing Separately $12,200
Married-Filing Jointly $24,400
Single $12,200
Head of Household $18,350

After the new Tax Cuts and Jobs Acts, the standard deduction amount was nearly doubled from $6,350 in 2017 to $12,000 in 2018. Although this is good news, there have been eliminations to the certain deductions along with the elimination of the personal exemption and dependent exemptions. This may sound like it’s going to have a big impact on the larger families, the increase on the Child Tax Credit covers the elimination on a beneficial scale. From $1,000 in 2017 to $2,000 for 2018 and 2019 tax years. Unlike an exemption which reduces your taxable income, a credit actually cuts offthe money you owe to the IRS.

2020 personal exemption



2020 personal exemption

2020 personal exemption

2019/2020 Standard Deduction Amount The IRS (Internal Revenue Service) has just announced the annual inflation adjustments for the 2019 tax year. The announcement includes tax brackets, cost of
SOURCE: http://www.2020taxbrackets.net/2019-2020-standard-deduction-amount 2020 personal exemption

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