The 2022 exemption amount was $75,900 and began to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption began to phase out at $1,079,800). The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 and begins to phase out at $578,150 ($126,500 for married couples filing jointly for whom the exemption begins to phase out at $1,156,300).The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly). Marginal Rates : For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).ģ5% for incomes over $231,250 ($462,500 for married couples filing jointly) ģ2% for incomes over $182,100 ($364,200 for married couples filing jointly) Ģ4% for incomes over $95,375 ($190,750 for married couples filing jointly) Ģ2% for incomes over $44,725 ($89,450 for married couples filing jointly) ġ2% for incomes over $11,000 ($22,000 for married couples filing jointly).Here is more from the IRS on the tax changes for the 2023 tax year: The IRS recently announced that some 9 million Americans who have yet to file those 2021 taxes could be eligible for the $1,400 stimulus checks from last year or the enhanced Child Tax Credit worth up to $3,600 per child. RELATED: Inflation still high: Here’s how to get more money in your paycheck nowĪlso, if you still haven’t filed your taxes for the 2021 tax year, free filing software will stay available through Nov. It can help you determine how much to withhold from your paycheck so that you take more money home every two weeks while still making sure you don’t have to pay anything at tax time. The IRS reminds you that it does have a tax withholding estimator tool. Heads of households will see the standard deduction increase to $19,400 - up $600. That’s an $1,800 increase.įor single taxpayers and married individuals filing separately, the deduction rises to $13,850, an increase of $900. The standard deduction in the 2023 tax year (for the 1040 you’re going to file in 2024) is going up to $27,700 for married couples filing jointly. But that’s not coming until next tax year. The IRS says the standard deduction on taxes is going up to help with rising inflation.
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