2023 Tax Facts

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A new year means new numbers for tax rates. For your reference this year, here is a collection of some of the most frequently needed numbers. While our chart does not include Medicare Premium numbers (an often-requested list), you can find a helpful chart on SSA.gov here .

 

 

2023 Tax Facts

Income Tax Rates Standard Deduction
Single Married Filing Jointly Single: $13,850
$1 – $11,000 10% $1 – $22,000 Married Filing Jointly: $27,700
$11,001 – $44,725 12% $22,001 – $89,450
$44,726 – $95,375 22% $89,451 – $190,750
$95,376 – $182,100 24% $190,751 – $364,200 Child Tax Credit
$182,101 – $231,250 32% $364,201 – $462,500 Credit per qualifying child: $2,000
$231,251 – $578,125 35% $462,501 – $693,750 Single Phaseout: $200,000
$578,126 + 37% $693,751 + MFJ Phaseout: $400,000
Long-Term Capital Gains Tax Rates Alternative Minimum Tax Exemptions
Single Married Filing Jointly Single: $81,300
$0 – $44,625 0% $0 – $89,250   Phaseout: $578,150
$44,626 – $492,300 15% $89,251 – $553,850 Married Filing Jointly $126,500
$492,301 + 20% $553,851 +   Phaseout: $1,156,300
Estate & Trust Rates Estate & Gift Taxes
$0 – $2,900 10% Annual Gift Tax Exclusion: $12,920,000
$2,901 – $10,550 24% Estate & Gift Tax Exclusions: $17,000
$10,551 – $14,450 35% Foreign Income Exclusion: $120,000
$14,451 + 37%
IRA Contribution Limits Kiddie Tax
IRA and Roth Contribution limits: $6,500 Taxed on unearned income over $1,250
  Age 50+ catchup: $1,000
Single Phaseout: $138,000 – $153,000 State & Local Tax Deduction
MFJ Phaseout: $218,000 – $228,000 Max. deduction on Federal taxes: $10,000
Qualified Retirement Plan Limits SIMPLE IRA Plan Limits
401(k), 403(b), 457 Employee elective deferral: $22,500 Elective deferral: $15,500
  Age 50+ catchup: $7,500   Age 50+ catchup: $3,500
Employer contribution limit: $66,000
Individual 401(k) Contribution Limits SEP Contribution Limits
Employer contribution limit: $22,500 25% of compensation
  Age 50+ catchup: $6,500 Contribution limit: $66,000
Contribution limit: 25% of compensation or $66,000
HSA Contribution Limits FSA Contribution Limit
Single coverage: $3,850 $3,050
  HDHP minimum deductible: $1,500 ($610 carryover, if allowed)
Family coverage: $7,750
  HDHP minimum deductible: $3,000
Age 55+ catchup: $1,000

 

 

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Wealth Manager

Austin Fey is a Wealth Manager at Marotta Wealth Management, specializing in charitable giving and asset allocations. She is a regular contributor to our Marotta On Money articles, often giving advice to those just getting started in finance.