The IRS has just announced the tax year 2020 annual inflation adjustments. Some of the more important adjustments and non-adjustments include the following:
1. An increase in the standard deduction for joint returns to $24,800 and to single returns to $12,400.
2. The basic exclusion for estates is going to $11,580,000.
3. The annual exclusion for gifts is still $15,000.
4. The contribution limit for 401(k) plans is increased to $19,500 and the catch up limit for those aged 50 and above is increased to $6,500.
5. The IRA contribution limit remains unchanged at $6,000 and the catch up contribution for 50 and over remains at $1,000.
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