Tax Rates 2023

 

Tax Rates

Here is the list, but please check IRS.gov to make sure all are up to date:

Tax Rates 2023

 

2023 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households
Tax Rate For Single Filers For Married Individuals Filing Joint Returns For Heads of Households
10% $0 to $11,000 $0 to $22,000 $0 to $15,700
12% $11,000 to $44,725 $22,000 to $89,450 $15,700 to $59,850
22% $44,725 to $95,375 $89,450 to $190,750 $59,850 to $95,350
24% $95,375 to $182,100 $190,750 to $364,200 $95,350 to $182,100
32% $182,100 to $231,250 $364,200 to $462,500 $182,100 to $231,250
35% $231,250 to $578,125 $462,500 to $693,750 $231,250 to $578,100
37% $578,125 or more $693,750 or more $578,100 or more

Source: Internal Revenue Service

 

2023 Capital Gains Tax Rates (Long Term Capital Gains)
  For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over For Heads of Households, Taxable Income Over
0% $0 $0 $0
15% $44,625 $89,250 $59,750
20% $492,300 $553,850 $523,050

Source: Internal Revenue Service

 

2023 Standard Deduction
 
Filing Status Deduction Amount
Single $13,850
Married Filing Jointly $27,700
Head of Household $20,800

Source: Internal Revenue Service. 

 

2023 Alternative Minimum Tax Exemptions
 
Filing Status Exemption Amount
Unmarried Individuals $81,300
Married Filing Jointly $126,500

Source: Internal Revenue Source

 

2023 Alternative Minimum Tax Exemption Phaseout Thresholds
 
Filing Status Exemption Amount
Unmarried Individuals $81,300
Married Filing Jointly $126,500

Source: Internal Revenue Source

 

2023 Earned Income Tax Credit Parameters
 
Filing Status   No Children One Child Two Children Three or More Children
Single or Head of Household Income at Max Credit $7,840 $11,750 $16,510 $16,510
Maximum Credit $600 $3,995 $6,604 $7,430
Phaseout Begins $9,800 $21,560 $21,560 $21,560
Phaseout Ends (Credit Equals Zero) 17,640 46,560 52,918 56,838
 
Married Filing Jointly Income at Max Credit $7,840 $11,750 $16,510 $16,510
Maximum Credit $600 $3,995 $6,604 $7,430
Phaseout Begins $16,370 $28,120 $28,120 $28,120
Phaseout Ends (Credit Equals Zero) 24,210 53,120 59,478 63,398

Source: Internal Revenue Service

 

2023 Qualified Business Income Deduction Thresholds
 
Filing Status Threshold
Unmarried Individuals $182,100
Married Filing Jointly $364,200

Source: Internal Revenue Service

 


Annual Exclusion for Gifts

In 2023, the first $17,000 of gifts to any person are excluded from tax, up from $16,000. The exclusion is increased to $175,000 from $164,000 for gifts to spouses who are not citizens of the United States.


Child Tax Credit

The maximum Child Tax Credit is $2,000 per qualifying child and is not adjusted for inflation. The refundable portion of the Child Tax Credit is adjusted for inflation and will increase from $1,500 to $1,600 for 2023.

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