Good Investments
that are Right for You

filing-taxes-lo-res

Income Tax Key Numbers

Standard Deduction
2020
2021
Standard deduction amount
$24,800 (MFJ) $18,650 (HOH) $12,400 (Single/MFS)
$25,100 (MFJ) $18,800 (HOH) $12,550 (Single/MFS)
Standard deduction for dependent
Greater of $1,100 or $350 + earned income
Greater of $1,100 or $350 + earned income
Additional deduction for aged/blind
$1,650 (Single/HOH) $1,300 (MFJ/MFS)
$1,700 (Single/HOH) $1,350 (MFJ/MFS)
Top Tax Brackets
2020
2021
Single
37% of taxable income exceeding $518,400 + $156,235
37% of taxable income exceeding $523,600 + $157,804.25
Married Filing Jointly
37% of taxable income exceeding $622,050 + $167.307.50
37% of taxable income exceeding $628,300 + $168,993.50
Married Filing Separately
37% of taxable income exceeding $311,025 + $83,653.75
37% of taxable income exceeding $315,150 + $84,496.75
Head of Household
37% of taxable income exceeding $518,400 + $154,793.50
37% of taxable income exceeding $523,600 + $156,355
Top Capital Gain Tax Rate (20%) Thresholds
2020
2021
Single
$441,450
$445,850
Married Filing Jointly
$496,600
$501,600
Married Filing Separately
$248,300
$250,800
Head of Household
$469,050
$473,750

© Broadridge, Inc. – article posted with permission.

Other Recent Articles

Traced Act Offers Consumers Additional Protections Against Robocalls

Whether at home, work or on a cell phone, it's a scenario many Americans have found themselves in: answering a phone call only to find out it's from an unwanted robocaller. In fact, the number of unwanted robocalls in this country has skyrocketed in recent years. The Federal Communications Commission (FCC) ranks unwanted robocalls highest on their list of consumer complaints.

IRS Increases Standard Mileage Rates for Last Half of 2022

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged. For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows
man and woman looking at social secuity paperwork

Social Security’s Uncertain Future: What You Should Know

Social Security is a pay-as-you go system, which means today's workers are paying taxes for the benefits received by today's retirees. However, demographic trends such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges. There are simply not enough U.S. workers to support the growing number of beneficiaries. Social Security is not in danger of collapsing, but the clock is ticking on the program's ability to pay full benefits.

Other Articles Related to:

Charitable Gifting

There are several different types of property that can be donated to charity, and a gift is limited only by your imagination. Are you the type who wants to donate cash, stock, or your lunch box collection from a 1960s sitcom?

The Tax Benefits of Your Retirement Savings Plan

Debt poses a growing threat to the financial security of many Americans — and not just college graduates with exorbitant student loans. Recent studies by the Center for Retirement Research at Boston College (CRR) and the Employee Benefit Research Institute (EBRI) reveal an alarming trend: The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise.

Am I Having Enough Withheld?

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may have to scramble for cash at tax time - and possibly owe interest and penalties to the IRS as well.