IRA and Tax Tables 2020
2020 Joint Life Expectancy Table
2020 Uniform Lifetime Table
2020 IRA Minimum Distribution Tables
2020 Annual Gift Tax Exclusion
You may give the following amount to an individual, free of gift tax:
Year | Annual Exclusion |
---|---|
2020 | $15,000 |
2020 Generation-Skipping Transfer (GST) Tax
Tax on assets transferred to non-spouse heirs at death:
Year | Exempt from Tax | GST Tax Rate |
---|---|---|
2020 | $11,580,000 per person (no portability) | 40% |
2020 Federal Estate Tax Levels
At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:
Year | Exempt from Tax | Estate-Tax Rate |
---|---|---|
2020 | $11,580,000 per person with portability | Top rate of 40% |
2020 Federal Tax Brackets
Marginal Tax Rate | Single | Married Filing Jointly or Qualifying Widow(er) | Married Filing Separately |
10% | $0 - $9,875 | $0 - $19,750 | $0 - $9,875 |
12% | $9,876 - $40,125 | $19,751 - $80,250 | $9,876 - $40,125 |
22% | $40,126 - $85,525 | $80,251 - $171,050 | $40,126 - $85,525 |
24% | $85,526 - $163,300 | $171,051 - $326,600 | $85,526- $163,300 |
32% | $163,301 - $207,350 | $326,601 - $414,700 | $163,301- $207,350 |
35% | $207,351 - $518,400 | $414,701 - $622,050 | $207,351- $311,025 |
37% | Over $518,400 | Over $622,050 | Over $311,025 |
2020 SEP IRA Contribution Levels
Here's what can be contributed to a SEP IRA:
Year | Maximum Contribution |
---|---|
2020 | Up to 25% of compensation of up to $285,000, but no more than $57,000. Catch-up contributions do not apply. |
2020 Roth IRA Conversion Eligibility
Year | Eligibility |
---|---|
2020 | Anyone Can |