For tax year 2020, the adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $118,000, up from $116,000 for tax year 2019.For family coverage, the out-of-pocket expense limit is $8,650 for tax year 2020, an increase of $100 from tax year 2019. For tax year 2020, participants with family coverage, the floor for the annual deductible is $4,750, up from $4,650 in 2019 however, the deductible cannot be more than $7,100, up $100 from the limit for tax year 2019. For self-only coverage, the maximum out-of-pocket expense amount is $4,750, up $100 from 2019. For tax year 2020, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,350, the same as for tax year 2019 but not more than $3,550, an increase of $50 from tax year 2019.For the taxable years beginning in 2020, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements is $2,750, up $50 from the limit for 2019.For tax year 2020, the monthly limitation for the qualified transportation fringe benefit is $270, as is the monthly limitation for qualified parking, up from $265 for tax year 2019.The revenue procedure contains a table providing maximum credit amounts for other categories, income thresholds and phase-outs. The tax year 2020 maximum Earned Income Credit amount is $6,660 for qualifying taxpayers who have three or more qualifying children, up from a total of $6,557 for tax year 2019.The Alternative Minimum Tax exemption amount for tax year 2020 is $72,900 and begins to phase out at $518,400 ($113,400 for married couples filing jointly for whom the exemption begins to phase out at $1,036,800).The 2019 exemption amount was $71,700 and began to phase out at $510,300 ($111,700, for married couples filing jointly for whom the exemption began to phase out at $1,020,600).For 2020, as in 20, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.The lowest rate is 10% for incomes of single individuals with incomes of $9,875 or less ($19,750 for married couples filing jointly). 12% for incomes over $9,875 ($19,750 for married couples filing jointly).22% for incomes over $40,125 ($80,250 for married couples filing jointly).24% for incomes over $85,525 ($171,050 for married couples filing jointly).32% for incomes over $163,300 ($326,600 for married couples filing jointly).35%, for incomes over $207,350 ($414,700 for married couples filing jointly).
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