Your 2020-2021 Tax Guide is here!
IRS will accept tax returns starting on February 12, 2021. The 2020 tax return deadline has been extended to May 17 (5/17/2021) from the original deadline of April 15, 2021.
IRS Tax Refund Status Check | State Tax Refund Status Check
First 1st Stimulus Check – Cares Act – Signed into law on March 27, 2020 – $1,200 per person ($500 per dependent)
Second 2nd Stimulus Check – Consolidated Appropriations Act of 2021 – Signed into law on December 27, 2020 – $600 per person including $500 per dependent
Third 3rd Stimulus Check – American Rescue Plan Act of 2021, Signed into law on March 11, 2021 – $1,400 per person including $1,400 per dependent
Fourth 4th Stimulus Check – Nothing as of April 2021
Fifth 5th Stimulus Check – Nothing as of April 2021
- $12,400 for Single tax filer
- $24,800 for Married Filing Jointly
- $18,650 for Head of Household
There is no personal exemption in 2020 tax return due to Tax Cuts and Jobs Act (TCJA) of 2017.
2020 Income Tax Table
| Single Taxable Income | Tax Rate | Tax Amount |
|---|---|---|
| $0 to $9950 | 10% | Taxable Income * 10% |
| $9951 to $40525 | 12% | Taxable Income * 12%-199 |
| $40526 to $86375 | 22% | Taxable Income * 22% – 4251 |
| $86376 to $164925 | 24% | Taxable Income * 24% – 5979 |
| $164926 to $209425 | 32% | Taxable Income * 32% – 19173 |
| $209426 to $523600 | 35% | Taxable Income * 35% – 25455 |
| Over $523601 | 37% | Taxable Income * 37% – 35928 |
2020 Earned Income Tax Table
| Number of Childs | Maximum EIC Credit |
|---|---|
| No Children | $538 |
| 1 Child | $3584 |
| 2 Children | $5920 |
| 3 Children | $6600 |