2023 federal income tax brackets
Single
| Taxable Income | Tax Rate |
|---|---|
| $0 - $11,000 | 10% |
| $11,001 to $44,725 | 12% |
| $44,726 to $95,375 | 22% |
| $95,376 to 182,100 | 24% |
| $182,101 to $231,250 | 32% |
| $231,251 to $578,125 | 35% |
| $578,126 or more | 37% |
Married Filing Jointly
| Taxable Income | Tax Rate |
|---|---|
| $0 to $22,000 | 10% of taxable income |
| $22,001 to $89,450 | 12% |
| $89,451 to $190,750 | 22% |
| $190,751 to $364,200 | 24% |
| $364,201 to $462,500 | 32% |
| $462,501 to $693,750 | 35% |
| $693,751 or more | 37% |
Married Filing Separately
| Taxable Income | Tax Rate |
|---|---|
| $0 - $11,000 | 10% |
| $11,001 to $44,725 | 12% |
| $44,726 to 95,375 | 22% |
| $95,376 to 182,100 | 24% |
| $182,101 to 231,250 | 32% |
| $231,251 to 346,875 | 35% |
| $346,876 or more | 37% |
Head of Household
| Taxable Income | Tax Rate | $0 to $15,700 | 10% of taxable income |
|---|---|
| $15,701 to $59,850 | 12% |
| $59,851 to $95,350 | 22% |
| $95,351 to $182,100 | 24% |
| $182,101 to $231,250 | 32% |
| $231,251 to $578,100 | 35% |
| $578,101 or more | 37% |
2023 Standard Deduction
| Filing Status | Standard Deduction | Married Filing Jointly | $27,700 |
|---|---|
| Single Taxpayers and Married Filing Seperately | $13,850 |
| Heads of Households | $20,800 |
2023 Capital Gain and Qualified dividends Tax Rates
| Rate | Single Filer | Married Filing Jointly and Surviving Spouse | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 0% | $0-$44,625 | $0-$89,250 | $0-$59,750 | $0-$44,625 |
| 15% | $44,626 to $492,300 | $89,251 to $553,850 | $59,751 to $523,050 | $44,626 to $276,900 |
2023 Other Tax Updates
| Highlights of Changes | New for 2023 | Maximum Earned Income Tax Credit | $7,430 |
|---|---|
| Annual Deductible Medical Savings Account | $2,650 to $3,950 |
| Foreign Earned Income Exclusion | $120,000 |
| Estates of Decedents' Basic Exclusion Amount | $12,920,000 |
| Annual Exclusion for Gifts | $17,000 |
| Maximum Adoptions Credit | $15,950 |
| Limitation for Contributions to Health Flexible Spending | $3,050 |
| Monthly Limitation for Qualified Parking | $300 |
