Qualified charitable distributions (QCDs)
Qualified charitable distributions (QCDs) are distributions made directly from an IRA to a qualified charity. Such distributions may be excluded from income and count toward satisfying any required minimum distributions (RMDs) you would otherwise have to receive from your IRA. Individuals age 70½ and older can make up to $100,000 in QCDs per year.
Income Tax Key Numbers
|Alternative minimum tax (AMT)||2020||2021|
|Maximum AMT exemption amount||$113,400 (MFJ), $72,900 (Single/HOH), $56,700 (MFS)||$114,600 (MFJ), $73,600 (Single/HOH), $57,300 (MFS)|
|Exemption phaseout threshold||$1,036,800 (MFJ), $518,400 (Single/HOH/MFS)||$1,047,200 (MFJ), $523,600 (Single/HOH/MFS)|
|26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount)||$197,900 (MFJ/Single/HOH), $98,950 (MFS)||$199,900 (MFJ/Single/HOH), $99,950 (MFS)|
|Standard deduction amount||$24,800 (MFJ), $18,650 (HOH), $12,400 (Single), $12,400 (MFS)||$25,100 (MFJ), $18,800 (HOH), $12,550 (Single), $12,550 (MFS)|
|Standard deduction for dependent||Greater of $1,100 or $350 + earned income||Greater of $1,100 or $350 + earned income|
|Additional deduction for aged/blind||$1,650 (Single/HOH), $1,300 (MFJ/MFS)||$1,700 (Single/HOH), $1,350 (MFJ/MFS)|
|Top tax brackets||2020||2021|
|Single||37% of taxable income exceeding $518,400 + $156,235||37% of taxable income exceeding $523,600 + $157,804.25|
|MFJ||37% of taxable income exceeding $622,050 + $167,307.50||37% of taxable income exceeding $628,300 + $168,993.50|
|MFS||37% of taxable income exceeding $311,025 + $83,653.75||37% of taxable income exceeding $314,150 + $84,496.75|
|HOH||37% of taxable income exceeding $518,400 + $154,793.50||37% of taxable income exceeding $523,600 + $156,355|
|Top capital gain tax rate (20%) thresholds||2020||2021|
|Unearned income Medicare contribution tax (Net investment income tax)||2020||2021|
|Amount of tax||3.80%||3.80%|
|Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:|
|Married filing jointly||$250,000||$250,000|
|Married filing separately||$125,000||$125,000|
|Standard mileage rates||2020||2021|
|Use of auto for business purposes (cents per mile)||$0.575||$0.56|
|Use of auto for medical purposes (cents per mile)||$0.17||$0.16|
|Use of auto for moving purposes (cents per mile)||$0.17||$0.16|
|Use of auto for charitable purposes (cents per mile)||$0.14||$0.14|
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|Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2021.