Sie befinden sich hier

Inhalt

Most of the tax rates have been reduced, being 10% 12% 22% 24% 32% 35% and 37%

The standard deduction has been considerably increased as follows:
Single or married filing separately - $12,200.
Married filing jointly or qualifying widow(er) - $24,400.
Head of household - $18,350.

No personal exemptions are taken into consideration since 2018. You can not deduct any exemptions for you, for your wife and dependents. However, for each eligible dependent you may be able to claim a nonrefundable credit up to $500, unless you are not eligible for the child tax credit.

The maximum child tax credit was increased to $2,000.

In addition to your standard deduction you may be able to claim 20% deduction of your qualified business income.

A number of changes were introduced for the itemized deductions, claimed on schedule A. The overall itemized deductions will not be limited if your adjusted gross income is over a certain amount.

State and local income, sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately).

Job-related expenses or other miscellaneous itemized deductions that were subject to the 2% of adjusted-gross-income floor are disallowed since tax year 2018

Tax filers who have no US social security number and are filing with an ITIN (Tax id number) must observe the expiration rule. ITIN not used at least once in the past 3 years must be renewed. Besides, ITINs with middle numbers 70, 71, 72, 73, 74, 75, 76, 77, 80, 81 83, 84, 85, 86, or 87 have already expired.

Kontextspalte

Important notes

 

The filing end date in 2020 is July 15. You have the option of extending the deadline until October 15, but all due taxes must be paid until the middle of July.