The Internal Revenue Service adjusted the tax tables against inflation for 2019 taxes that are due on April 15, 2020. While the marginal rates remain the same as 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent; the amounts in each bracket have been increased.
If your income is the same and claiming the $200 increased standard deduction, your tax bill should be the same as last year. Because the increase in each tax bracket is pretty much the same percentage as the standard deduction increase. However, those who are paying at a higher tax rate may pay face a bigger tax bill this year. Especially if you’re relying on the medical expenses deduction.
On your 2019 tax return, you will be able to claim medical expenses that exceed 10% of your Adjusted Gross Income. This threshold was 7.5% in previous years but now increased to 10%. This can mean a significant loss in tax deductions up to upwards of $10,000.
More information about tax changes in 2020
New Tax Tables – Updated
The amounts you see on the tax brackets below are not for the income you earned throughout the year. Instead, you must calculate your taxable income first by subtracting the available deductions and adjustments you can claim. The amount you left with is going to be your taxable income which you’ll be taxed on.
Depending on your filing status, the rate in which you’ll be taxed will be different. There are a total of five filing statuses. These are single, married filing jointly, married filing separately, head of household, and qualifying widow(er). The new tax tables for each filing status can be found in the tables below.
Single and Married Filing Separately
| Tax Rate | Taxable Income (AGI) |
| 10% | $0 to $9,700 |
| 12% | $9,701 to $39,475 |
| 22% | $39,476 to $84,200 |
| 24% | $84,201 to $160,725 |
| 32% | $160,726 to $204,100 |
| 35% | $204,101 to $510,300 |
| 37% | $510,300+ |
Head of Household
| Tax Rate | Taxable Income (AGI) |
| 10% | $0 to $13,850 |
| 12% | $13,851 to $52,850 |
| 22% | $52,851 to $84,200 |
| 24% | $84,201 to $160,700 |
| 32% | $160,701 to $204,100 |
| 35% | $204,101 to $510,300 |
| 37% | $510,300 and more |
Joint Filers and Qualifying Widow(er)
| Tax Rate | Taxable Income (AGI) |
| 10% | $0 to $19,400 |
| 12% | $19,401 to $78,950 |
| 22% | $78,951 to $168,400 |
| 24% | $168,401 to $321,450 |
| 32% | $321,451 to $408,200 |
| 35% | $408,201 to $612,350 |
| 37% | $612,350+ |
If you don’t know what your taxable income (AGI) is, you can see it on your Form 1040. Haven’t completed your tax return yet? Click here to learn how you can fill out a Form 1040 by yourself.
Keep in mind that filing your taxes by mail will take more time to process than filing electronically. So expect to get your tax refund if you’re getting one in two months. If you don’t make any mistakes on Form 1040, you can get your tax refund within three weeks or so after the IRS receives your tax return.
