![]() $83,653.75 plus 37% of the excess over $311,025įor estates and trusts: If taxable income is: $154,793.50 plus 37% of the excess over $518,400įor marrieds filing separate returns: If taxable income is: $156,235 plus 37% of the excess over $518,400įor heads of household: If taxable income is: $167,307.50 plus 37% of the excess over $622,050įor single individuals (other than heads of households and surviving spouses): If taxable income is: The tax rate schedules for 2020 will be as follows.įor married individuals filing joint returns and surviving spouses: If taxable income is: While these projections reflect our best judgment, it is nonetheless worth noting that there are instances where IRS may interpret the statute in a different manner. Where these issues arose in the context of inflation adjustments, Thomson Reuters construed provisions in the way that seemed the most consistent with Congressional intent, reflecting our assumption that these ambiguities will eventually be resolved accordingly. Note: The TCJA (like most new legislation) contains a number of errors and ambiguities and has not yet been the subject of a comprehensive technical corrections bill. Using the chained CPI for August 2019 (and the preceding 11 months), experts from Thomson Reuters Checkpoint have calculated the 2020 indexed amounts. The August 2019 CPI summary has been released by the U.S. ![]() 115-97, ), the average chained Consumer Price Index (CPI) for all-urban customers (C-CPI-U) for the 12-month period ending the previous August 31. These adjustments reflect, under a measure of inflation provided by the Tax Cuts and Jobs Act (TCJA P.L. The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases.
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