2020 Tax Brackets
Jackie Himes, CPA
Focused on You. Dedicated to Your Success.
December 23, 2019

The IRS announced adjustments to various tax brackets for 2020 . In 2020, the income limits for all tax brackets and all filers will be adjusted for inflation as shown below. 

2020 Tax Brackets and Rates
2020 Standard Deduction
Alternative Minimum Tax Exemptions
2020 Alternative Minimum Tax Exemption Phaseout Thresholds
2020 Tax Rates on Long Term Capital Gains
2020 Qualified Business Income Deduction Thresholds
Child Tax Credit
The child tax credit totals at $2,000 per qualifying child and is not adjusted for inflation. However, the refundable portion of the Child Tax Credit is adjusted for inflation but will remain at $1,400 for 2020.

Annual Exclusion for Gifts
In 2020, the first $15,000 of gifts to any person is excluded from tax. The exclusion is increased to $157,000 for gifts to spouses who are not citizens of the United States.

2020 Earned Income Tax Credit Parameters
Feel free to call any member of our team to discuss your situation at 610-828-1900 (PA) or 732-341-3893 (NJ). You can contact Jackie Himes, CPA, CPA, director – tax services at Jacquelyn.Himes@MCC-CPAs.com or me at Marty.McCarthy@MCC-CPAs.com . We are always happy to help. We are here to help. 

Martin C. McCarthy, CPA, CCIFP
Managing Partner 
McCarthy & Company, PC 

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).