They were eliminated by the 2017 tax reform law.īy the way, it's always a good idea to check your income tax withholding each year-especially, if you're moving into a different tax bracket or experience some other significant shift in your financial situation. For anyone who is both 65 and blind, the additional deduction amount is doubled.Īs in 2019, personal exemption deductions aren't allowed for 2020. Taxpayers who are at least 65 years old or blind can claim an additional standard deduction of $1,300 ($1,650 if using the single or head of household filing status). 2020 Tax Brackets for Married Filing Separately/Head of Household

Since the IRS is using lower inflation adjustments, then the chances that your income will grow faster than the IRS's rate of inflation rise. Why? If your income increases faster than the rate of inflation, you eventually move up to a higher bracket. As a result, the 2017 tax reform law adopted the 'chained' CPI formula that the IRS now uses.Ĭhained indexing generally results in lower inflation adjustments to the tax brackets each year, which in turn means you could find yourself in a higher tax bracket on your next return. However, some economists believed that formula didn't fully account for changes in spending as prices rise.

Before 2019, the standard Consumer Price Index was used to adjust the brackets. One other thing to note is that Congress recently changed the indexing method used to adjust the tax brackets for inflation.

2020 irs individual tax tables