What Are The Tax Brackets For 2021?

Updated: Feb 5

For tax year 2020, there are seven tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. The tax brackets adjusted for inflation and the tax owed for different filing statuses are listed below (Source: IRS).

1. Tax Rates & Brackets

Single Filers

Tax Brackets For Single Filers

Married Filing Jointly and Surviving Spouse

Married Filing Jointly and Surviving Spouse tax brackets 2020

Married Filing Separately

Married Filing Separately tax brackets 2020

Head of Household

Head of Household tax brackets 2020

The tax rates for trusts and estates are 10%, 24%, 35%, and 37%. The tax brackets and tax owed are as follows:


Trusts and Estates


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2. Adjusted Standard Deduction


The standard deduction for single taxpayers and those married filing separately increased by $200 to $12,400. For taxpayers who have married filing jointly, the standard deduction increased by $400 to $24,800, and for heads of the household the amount increased by $300 to $18,650

For taxpayers who are 65 years old or older, the standard deduction amounts have been increased. For single filers and head of household filers, the standard deduction increases by $1,650. For those married filing jointly, the standard deduction increases by $1,300 (if one spouse is 65 or older) and $2,600 (if both spouses are 65 or older).


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