For 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly). The standard deduction is going up. Check the link to see the tax rates for other tax brackets.
The Internal Revenue Service has released a list of inflation adjustments impacting more than 60 tax provisions, including tax brackets, deductions and credits.The standard deduction for married couples filing jointly for tax year 2023 is increasing to $27,700 up $1,800 the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900.
The Alternative Minimum Tax exemption amount for tax year 2023 is $81,300 and begins to phase out at $578,150 . The 2022 exemption amount was $75,900 and began to phase out at $539,900 .
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