2023 Tax Brackets

The IRS recently announced their annual inflation adjustments to the 2023 federal income tax brackets. Here is a reminder of the 2022 tax year brackets and the new numbers for the 2023 tax year:

2022 Tax Year Standard Deductions:

Single or married filing separately: The standard deduction is $12950.

Married and filing jointly: The standard deduction is now $25,900.

Heads of households: The standard deduction is now $19,400.

2022 Tax Brackets for Single Taxpayers:

  • 37% for incomes higher than $539,900
  • 35% for incomes higher than $215,950
  • 32% for incomes higher than $170,050
  • 24% for incomes higher than $89,075
  • 22% for incomes higher than $41,775
  • 12% for incomes higher than $10,275
  • 10% for incomes of $10,275 and less

2022 Tax Brackets for Married and Filing Jointly:

  • 37% for incomes higher than $647,850
  • 35% for incomes higher than $431,900
  • 32% for incomes higher than $340,100
  • 24% for incomes higher than $178,150
  • 22% for incomes higher than $83,550
  • 12% for incomes higher than $20,550
  • 10% for incomes of $20,550 and less

2023 Tax Year Standard Deductions:

Single or married filing separately: The standard deduction is up by $900 and is now $13,850

Married and filing jointly: The standard deduction is now $27,700, increasing by $1,800.

Heads of households: The standard deduction is now $20,800, an increase of $1,400.

2022 Tax Brackets for Single Taxpayers:

  • 37% for incomes higher than $578,125
  • 35% for incomes higher than $231,250
  • 32% for incomes higher than $182,100
  • 24% for incomes higher than $95,375
  • 22% for incomes higher than $44,725
  • 12% for incomes higher than $11,000
  • 10% for incomes of $11,000 and less

2022 Tax Brackets for Married and Filing Jointly:

  • 37% for incomes higher than $693,750
  • 35% for incomes higher than $462,500
  • 32% for incomes higher than $364,200
  • 24% for incomes higher than $190,750
  • 22% for incomes higher than $89,450
  • 12% for incomes higher than $22,000
  • 10% for incomes of $22,000 and less

As always, if you have any questions or concerns reach out to CKH Group here.

The above article only intends to provide general financial information and is based on open-source facts, it is not designed to provide specific advice or recommendations for any individual. It does not give personalized tax, financial, or other business and professional advice. Before taking any form of action, you should consult a financial professional who understands your particular situation. CKH Group will not be held liable for any harm/errors/claims arising from the articles. Whilst every effort has been taken to ensure the accuracy of the contents we will not be held accountable for any changes that are beyond our control.