The year 2020 proved to be a year like no other. From unemployment to stimulus payments, in preparing for your upcoming tax return filing, there may be various documents to include that weren’t needed in the past.

Continue reading for a quick reference on common facts and figures to consider. Then, refer to the chart below if you experienced various life events in 2020 – from having a child to purchasing property to retirement and many changes in between.

As always, our tax advisors are available to answer your questions and provide guidance to help you make tax-related decisions. Call our office with questions.

  • The standard deduction amount increased in 2020:
    • Married couples filing jointly: $24,800
    • Single filer: $12,400
    • Married, filing separately: $12,400
  • The top tax rate for capital gains and qualified dividends is permanently set at 20% for taxpayers with taxable income in the highest bracket. Net Investment Income Tax (NIIT) of 3.8% makes overall capital gain rate higher for income taxpayers at 23.8%.

Gathering Tax Documents – What do you need?

 

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