2020-2021 federal income tax brackets and rates
View IRS income tax brackets for single, married and head of household filings.

Adjustments to income can reduce the amount of tax owe. Bankrate explains.
Adjustments to income are tax deductions someone can take for income she earned that can’t be taxed. Considered “above-the-line” deductions because they’re calculated before the adjusted gross income line on the tax form, adjustments to income determine a taxpayer’s actual gross income before applying standard, “below-the-line” deductions and help her reduce the amount of income she can be taxed on.
On the Internal Revenue Service’s Form 1040, there are two pages to list deductions. Those “above the line,” on page one, calculate the taxpayer’s adjusted gross income (AGI).
Taxpayers have to list all their income on their tax forms, but they can adjust the gross amount by subtracting certain types of tax-deductible deposits and expenses.
Those permitted deposits and expenses include the following categories:
Deductions made against the AGI are called standard, or “below-the-line,” deductions.
Let Bankrate help you prepare your new checking account for the tax refund you’ll get from these deductions.
Stacey graduated college last year and has $30,000 in student loan debt. This year, her loan accrues interest at the fixed-rate amount of 6.8 percent. Her monthly payments are about $354, including interest of about $24. At the end of the year, she’s paid $288 in interest, which she subtracts from her income to calculate her adjusted gross income.