Annual tax returns filed to the IRS are accompanied by a tax schedule. A *tax schedule* is a form used when you have certain types of income or deductions. These include significant amounts of interest income, mortgage interest or charitable contributions.
Deductions like the tax refund schedule can be checked on the Where’s My Refund? <www.irs.gov/refunds> tool within 24 hours if you submit your tax return electronically and within 3 weeks if filed by mail. If you don’t receive your refund in 21 days, your tax return might be incomplete or incorrect. The IRS may send you instructions through the mail if it needs additional information in order to process your return.
Other deductions can be figured using the Schedule A (Form 1040 or 1040-SR) <www.irs.gov/pub/irs-pdf/f1040sa.pdf>. For individual taxpayers, Schedule A is used in conjunction with Form 1040 <www.hrblock.com/tax-center/irs/forms/form-1040/> to report itemized deductions. If you choose to claim itemized deductions instead of the standard deduction, you would use Schedule A to list your deductions. Your itemized total is then subtracted from your taxable income.
These deductions are dependant n the amount of tax filed. The Tax rate schedule is *rate* sheet used by individual or corporate taxpayers to determine their estimated taxes due.
*2020 Tax Brackets and Tax Rates (for filing in 2021)*
*Single-*
If taxable income is over—
but not over—
the tax is:
$0
$9,875
10% of the amount over $0
$9,875
$40,125
$988 plus 12% of the amount over $9,875
$40,125
$85,525
$4,618 plus 22% of the amount over $40,125
$85,525
$163,300
$14,606 plus 24% of the amount over $85,525
$163,300
$207,350
$33,272 plus 32% of the amount over $163,300
$207,350
$518,400
$47,368 plus 35% of the amount over $207,350
$518,400
no limit
$156,235 plus 37% of the amount over $518,400
*Married Filing Jointly or Qualifying Widow (Widower)-*
If taxable income is over—
but not over—
the tax is:
$0
$19,750
10% of the amount over $0
$19,750
$80,250
$1,975 plus 12% of the amount over $19,750
$80,250
$171,050
$9,235 plus 22% of the amount over $80,250
$171,050
$326,600
$29,211 plus 24% of the amount over $171,050
$326,600
$414,700
$66,543 plus 32% of the amount over $326,600
$414,700
$622,050
$94,735 plus 35% of the amount over $414,700
$622,050
no limit
$167,308 plus 37 % of the amount over $622,050
*Married Filing Separately-*
If taxable income is over—
but not over—
the tax is:
$0
$9,875
10% of the amount over $0
$9,875
$40,126
$988 plus 12% of the amount over $9,875
$40,126
$85,525
$4,618 plus 22% of the amount over $40,126
$85,525
$163,300
$14,605 plus 24% of the amount over $85,525
$163,300
$207,350
$33,271 plus 32% of the amount over $163,300
$207,350
$311,025
$47,367 plus 35% of the amount over $207,350
$311,025
no limit
$83,654 plus 37% of the amount over $311,025
*Head of Household-*
If taxable income is over—
but not over—
the tax is:
$0
$14,100
10% of the amount over $0
$14,100
$53,700
$1,410 plus 12% of the amount over $14,100
$53,700
$85,500
$6,162 plus 22% of the amount over $53,700
$85,500
$163,300
$13,158 plus 24% of the amount over $85,500
$163,300
$207,350
$31,830 plus 32% of the amount over $163,300
$207,350
$518,400
$45,926 plus 35% of the amount over $207,350
$518,400
no limit
$154,794 plus 37% of the amount over $518,400
The above given details are extremely crucial for tax returns. Our expert team at National Tax Preparers of America (NTPA) can take care of your tax returns for you and ensure no tax delays.
