We keep you up-to-date on the latest tax changes and news in the industry.
Article Highlights:
Filing Status | 2020 | 2021 |
Married Filing Joint & Surviving Spouse | $24,800 | $25,100 |
Head of Household | $18,650 | $18,800 |
Single & Married Filing Separate | $12,400 | $12,550 |
Added Amounts for Elderly and Blind | 2020 | 2021 |
Married Filing Joint & Surviving Spouse | $1,300 | $1,350 |
Others | $1,650 | $1,700 |
Filing Status | 2020 | 2021 |
Single and Head of Householh | $65,000 | $66,000 |
Married Filing Joint and Surviving Spouse | $104,000 | $105,000 |
Married Filing Separate | $0 | $0 |
Filing Status | 2020 | 2021 |
Married Filing Joint | $196,000 | $198,000 |
Married Filing Separate (living with spouse) | $0 | $0 |
All Others | $124,000 | $125,000 |
Foreign Earned Income Exclusion – U.S. citizens or resident aliens who live and work abroad who meet certain qualifications may be able to exclude from U.S. income foreign earnings not to exceed an annual maximum amount. In addition, these taxpayers may be able to exclude or deduct certain foreign housing cost amounts. For 2021, the maximum foreign earned income exclusion is $108,700, up from $107,600 in 2020.
Alternative Minimum Tax (AMT) – The AMT is an alternate way of computing an individual’s income tax and applies if the AMT is greater than the regular tax.
Generally, the AMT comes into play when an individual has a large amount of specified tax preferences and deductions. There are sizable exemption amounts based on filing status, and they have increased for 2021.
Filing Status | 2020 | 2021 |
Married Filing Joint & Surviving Spouse | $113,400 | $114,600 |
Single & Head of Household | $72,900 | $73,600 |
Married Filing Separate | $56,700 | $57,300 |
Filing Status | 2020 | 2021 |
Married Filing Joint & Surviving Spouse | $1,036,800 | $1,047,200 |
Single, Head of Household and Married Separate | $518,400 | $523,600 |
Married Individuals Filing Joint Returns and Surviving Spouses | |
If taxable income is: | If taxable income is: |
Not over $19,900 | 10% of taxable income |
Over $19,900 but not over $81,050 | $1,990 plus 12% of the excess over $19,900 |
Over $81,050 but not over $172,750 | $9,328 plus 22% of the excess over $81,050 |
Over $172,750 but not over $329,850 | $29,502 plus 24% of the excess over $172,750 |
Over $329,850 but not over $418,850 | 67,260 plus 32% of the excess over $329,850 |
Over $418,850 but not over $628,300 | $95,686 plus 35% of the excess over $418,850 |
Over $628,300 | $168,993.50 plus 37% of the excess over $628,300 |
Single Filers | |
If taxable income is: | The Tax is: |
Not over $9,950 | 10% of taxable income |
Over $9,950 but not over $40,525 | $995 plus 12% of the excess over $9,950 |
Over $40,525 but not over $86,375 | $4,664 plus 22% of the excess over $40,525 |
Over $86,375 but not over $164,925 | $14,751 plus 24% of the excess over $86,375 |
Over $164,925 but not over $209,425 | $33,603 plus 32% of the excess over $164,925 |
Over $209,425 but not over $523,600 | $47,843 plus 35% of the excess over $209,425 |
Over $523,600 | $157,804.25 plus 37% of the excess over $523,600 |
Head of Household | |
If taxable income is: | The Tax is: |
Not over $14,200 | 10% of taxable income |
Over $14,200 but not over $54,200 | $1,420 plus 12% of the excess over $14,200 |
Over $54,200 but not over $86,350 | $6,220 plus 22% of the excess over $54,200 |
Over $86,350 but not over $164,900 | $13,293 plus 24% of the excess over $86,350 |
Over $164,900 but not over $209,400 | $32,145 plus 35% of the excess over $164,900 |
Over $209,400 but not over $523,600 | $46,385 plus 35% of the excess over $209,400 |
Over $523,600 | $156,355 plus 37% of the excess over $523,600 |
Married Taxpayers Filing Separate | |
If taxable income is: | The Tax is: |
Not over $9,950 | 10% of taxable income |
Over $9,950 but not over $40,525 | $995 plus 12% of the excess over $9,950 |
Over $40,525 but not over $86,375 | $4,664 plus 22% of the excess over $40,525 |
Over $86,375 but not over $164,925 | $14,751 plus 24% of the excess over $86,375 |
Over $164,925 but not over $209,425 | $33,603 plus 32% of the excess over $164,925 |
Over $209,425 but not over $314,150 | $47,843 plus 35% of the excess over $209,425 |
Over $314,150 | $84,496.75 plus 37% of the excess over $314,150 |
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