2020 Standard Mileage Rates

Business..................57.5 cents per mile                                                                              Depreciation.........................27 cents per mile

Charitable...............14    cents per mile                                                                              Medical and moving............ 17 cents per mile

2020 Earned Income Credit - Maximum Income Limits

                                                                                                                                          No Children       1 Child       2 Children      3 Children

Married Filing Joint............................................................................................................$21,710             $47,646         $53,330         56,844

Single, Head of Household, Qualifying Widow(er)............................................................$15,820             $41,756         $47,440         50,954

Investment Income Limit:  $3,800

2020 IRA Contribution limit

  • $6,000 ($7,000 if you're age 50 or older), or

  • If less, your taxable compensation for the year

Student Loan Interest

Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntarily pre-paid interest payments. You may deduct the lesser of $2,500 or the amount of interest you actually paid during the year. The deduction is gradually reduced and eventually eliminated by phaseout when your modified adjusted gross income (MAGI) amount reaches the annual limit for your filing status.

You claim this deduction as an adjustment to income, so you don't need to itemize your deductions.

You can claim the deduction if all of the following apply:

  • You paid interest on a qualified student loan in tax year 2019;

  • You're legally obligated to pay interest on a qualified student loan;

  • Your filing status isn't married filing separately;

  • Your MAGI is less than a specified amount which is set annually; and

  • You or your spouse, if filing jointly, can't be claimed as dependents on someone else's return.