Maximum $10,000 deduction

MFJ: $24,800

S: $12,400

HH: $18,650

Gas Deduction Rate

2020

Alternative Mininum Tax

Individual Rates

21% flat rate

Ind: exemption increased
Corp: repealed

Child Tax Credit

Standard Deduction

$2,000 (refundable up to $1,400)

Repealed; none

Repealed; none

Mortgage Interest

The Tax Cuts and Jobs Act was passed by congress on December 20, 2017.

‚ÄčThe President signed it into law on December 22, 2017..

Ind: exemption increased

Corp: repealed

MFJ: $25,100

S: $12,550

HH: $18,800

10, 12 , 22, 24, 32, 35, 37%

$2,000 (refundable up to $1,400)

Standard Mileage Rate

Corporate Rate

TBD

Personal Exemptions

Maximum $10,000 deduction

$750,000 limit, mortgages purchased prior to 2017 are grandfathered

10, 12 , 22, 24, 32, 35, 37%

$750,000 limit, mortgages purchased prior to 2017 are grandfathered

21% flat rate

State and Local Taxes

2021

57.5 cents/mile