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 |
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| 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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