Income Tax Key Numbers 2020 and 2021

Qualified charitable distributions (QCDs)

Qualified charitable distributions (QCDs) are distributions made directly from an IRA to a qualified charity. Such distributions may be excluded from income and count toward satisfying any required minimum distributions (RMDs) you would otherwise have to receive from your IRA. Individuals age 70½ and older can make up to $100,000 in QCDs per year.

Income Tax Key Numbers

Alternative minimum tax (AMT) 2020 2021
Maximum AMT exemption amount $113,400 (MFJ), $72,900 (Single/HOH), $56,700 (MFS) $114,600 (MFJ), $73,600 (Single/HOH), $57,300 (MFS)
Exemption phaseout threshold $1,036,800 (MFJ), $518,400 (Single/HOH/MFS) $1,047,200 (MFJ), $523,600 (Single/HOH/MFS)
26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount) $197,900 (MFJ/Single/HOH), $98,950 (MFS) $199,900 (MFJ/Single/HOH), $99,950 (MFS)
Standard deduction 2020 2021
Standard deduction amount $24,800 (MFJ), $18,650 (HOH), $12,400 (Single), $12,400 (MFS) $25,100 (MFJ), $18,800 (HOH), $12,550 (Single), $12,550 (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
MFJ 37% of taxable income exceeding $622,050 + $167,307.50 37% of taxable income exceeding $628,300 + $168,993.50
MFS 37% of taxable income exceeding $311,025 + $83,653.75 37% of taxable income exceeding $314,150 + $84,496.75
HOH 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
MFJ $496,600 $501,600
MFS $248,300 $250,800
HOH $469,050 $473,750
Unearned income Medicare contribution tax (Net investment income tax) 2020 2021
Amount of tax 3.80% 3.80%
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:
Individuals $200,000 $200,000
Married filing jointly $250,000 $250,000
Married filing separately $125,000 $125,000
Standard mileage rates 2020 2021
Use of auto for business purposes (cents per mile) $0.575 $0.56
Use of auto for medical purposes (cents per mile) $0.17 $0.16
Use of auto for moving purposes (cents per mile) $0.17 $0.16
Use of auto for charitable purposes (cents per mile) $0.14 $0.14

IMPORTANT DISCLOSURES

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Registered Representative of and Securities Offered Through Capital Synergy Partners, Member FINRA / SIPC 4400 MacArthur Blvd. Suite 230 Newport Beach, CA 92660 949-442-7413 Stephen Clifford, The Winfield Group, LLC and Capital Synergy Partners are unaffiliated entities.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2021.

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