Get out your pencils and calculators: The IRS has released a breakdown of what's ahead for the 2020 tax year.

Taxpayers who've been paying close attention will notice that the Tax Cuts and Jobs Act overhauled the tax code.

Those sweeping changes include a higher standard deduction — it's now $12,400 for singles and $24,800 for married joint filers in 2020. Following the overhaul, individual income tax rates also went down, and personal exemptions were eliminated.

For the 2020 tax year, the IRS tweaked the individual income tax brackets, adjusting them for inflation.

See below for your new bracket.

The additional standard deduction for older taxpayers and those who are blind are still available.

Filers who are blind or aged 65 and over can claim $1,300. Two married filers who are both over 65 can claim $2,600, unchanged from 2019.

Single filers who are blind or over 65 are eligible for a $1,650 additional standard deduction. This is up $50 from 2019.