The N.C. standard deduction for each filing status is increased for tax year 2019. The New Deduction amounts are: $10,750 for Single/Married filing separately, $21,500 for Married filing jointly/qualifying widower, $16,125 for Head of Household.
In 2020 N.C. enacted legislation to provide eligible individuals an additional $335 grant. If you included this grant when determining your Federal AGI, a subtraction is allowed from your N.C. income.
Charitable contribution limitation - N.C. does not allow deductions of charitable contributions in excess of 60% AGI. If claiming a greater amount for Federal AGI purposes, this must be adjusted on the N.C. return.
What was the change in tax rate?
For tax years 2019 and forward the tax rate has been reduced to 5.25%. No change for 2020.
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