Federal individual tax rates and brackets for 2020

January 10, 2020by AB

The indexing factor for federal tax credits and brackets for 2019 is 1.9%. The following federal tax rates and brackets will be in effect for individuals for the 2020 tax year:

Income level                           Federal tax rate

$12,298 – $48,535                         15%

$48,536 – $97,069                        20.5%

$97,070 – $150,473                       26%

$150,474 – $214,368                     29%

Above $214,368                            33%

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.