New Tax Brackets For Tax Year 2023 Released
- The Center for Financial, Legal, & Tax Planning, Inc.
- Oct 26, 2022
- 1 min read
Last week the IRS announced inflation adjustments for the tax year 2023 that would apply to returns in 2024.
Marginal Rates for the tax year 2023
· 10% for incomes under $11,000.
o $22,000 for married filing jointly
· 12% for incomes over $11,000.
o $22,000 for married filing jointly
· 22% for incomes over $44,725.
o $89,450 for married filing jointly
· 24% for incomes over 95,375.
o $190,750 for married filing jointly
· 32% for incomes over $182,100
o $364,200 for married filing jointly
· 35% for incomes over $231,250
o $462,500 for married filing jointly
The Alternative Minimum Tax exemption for the tax year is $81,300 and phases out at $578,150 for single taxpayers. For married taxpayers filing jointly that amount is $126,500 and phases out at $1,156,300.
The Earned Income Tax Credit is $7,430 for taxpayers who have three or more qualifying children.
Also noted in the changes was the standard deduction rising with married couples filing jointly now being $27,700 and for single/head of household, taxpayers rising to $13,850.
Please click here for a full list of 2023 annual inflation adjustments covering more than 60 tax provisions.
If you have any questions, please contact the Professionals at The Center for Financial, Legal, & Tax Planning Inc. at (618) 997-3436.
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