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Home FAQ on Tax Issues

IRS tax rates 2023 in Simplified Tables

by Prashant Thakur
April 5, 2023
in FAQ on Tax Issues
0
irs tax rates 2023

IRS tax rates 2023 (for taxes due in April 2024) announced by the IRS on October 18, 2022, for individuals, married filing jointly, married filing separately, and head of household is given below. The tax brackets clearly show that IRS has adjusted and tried to provide some relief to taxpayers to tackle the soaring inflation as IRS has provided higher federal income tax brackets and standard deductions for 2023. Refer to Revenue Procedure 2022-38 for details about these annual adjustments.

Table of Contents

  • IRS Tax Rates 2023 for Single Filers, Married Couples Filing Jointly, and Heads of Households
  • 2023 Standard Deduction
  • 2023 Alternative Minimum Tax Exemptions & Phaseout Thresholds
  • 2023 Earned Income Tax Credit Parameters
  • IRS tax rates 2023 for Long Term Capital Gains Tax
  • 2023 Qualified Business Income Deduction Thresholds
  • 2023 Gift Exemption or Exclusion Limit

IRS Tax Rates 2023 for Single Filers, Married Couples Filing Jointly, and Heads of Households

Tax RateFor Single FilersFor Married Individuals Filing Joint ReturnsFor Heads of Households
10%$0 to $11,000$0 to $22,000$0 to $15,700
12%$11,000 to $44,725$22,000 to $89,450$15,700 to $59,850
22%$44,725 to $95,375$89,450 to $190,750$59,850 to $95,350
24%$95,375 to $182,100$190,750 to $364,200$95,350 to $182,100
32%$182,100 to $231,250$364,200 to $462,500$182,100 to $231,250
35%$231,250 to $578,125$462,500 to $693,750$231,250 to $578,100
37%$578,125 or more$693,750 or more$578,100 or more

2023 Standard Deduction

Filing StatusDeduction Amount
Single$13,850
Married Filing Jointly$27,700
Head of Household$20,800

2023 Alternative Minimum Tax Exemptions & Phaseout Thresholds

Filing StatusExemption AmountPhaseout Thresholds
Unmarried Individuals$81,300$578,150
Married Filing Jointly$126,500$1,156,300

2023 Earned Income Tax Credit Parameters

(i)Earned Income Tax Credit for Single or Head of Household

ParameterNo ChildrenOne ChildTwo ChildrenThree or More Children
Income at Max Credit$7,840$11,750$16,510$16,510
Maximum Credit$600$3,995$6,604$7,430
Phaseout Begins$9,800$21,560$21,560$21,560
Phaseout Ends (Credit Equals Zero)17,64046,56052,91856,838

(ii)Earned Income Tax Credit for Married Filing Jointly

Income at Max Credit$7,840$11,750$16,510$16,510
Maximum Credit$600$3,995$6,604$7,430
Phaseout Begins$16,370$28,120$28,120$28,120
Phaseout Ends (Credit Equals Zero)24,210$53,120$59,478$63,398

IRS tax rates 2023 for Long Term Capital Gains Tax

The short-term capital gains are merged with your gross income and taxed at the same slab rates that apply to normal income. However, Long Term Capital Gains are taxed at a special rate, as given below :

 Tax RateFor Unmarried Individuals, Taxable Income OverFor Married Individuals Filing Joint Returns, Taxable Income OverFor Heads of Households, Taxable Income Over
0%$0$0$0
15%$44,625$89,250$59,750
20%$492,300$553,850$523,050

2023 Qualified Business Income Deduction Thresholds

There is a threshold for the claim of 20 % QBI deduction as it starts phase-outs for taxpayers with income above $182,100 (or $364,200 for joint filers) in 2023

Filing StatusThreshold
Unmarried Individuals$182,100
Married Filing Jointly$364,200

2023 Gift Exemption or Exclusion Limit

The Annual Exclusion for Gifts in 2023 is the first $17,000 of gifts to any person are excluded from tax, up from $16,000. The exclusion for gifts to spouses who is not citizens of the United States. in 2023 is set at $175,000.

You can also see tax rates for the year 2022 and tax brackets for the year 2021on this site

We have also published 2023 Estate and trust tax rates and IRS retirement plans limits for 2023

Post Disclaimer

While the information on this site  - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.

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  • Tax Rates 2023
    • Pension Plans Limits 2023
    • Estate & Trust
    • 2022 Tax Brackets
      • USA State and Local Taxes
      • EIC Table 2023, 2022
    • Tax Bracket 2021
    • Tax Brackets 2020
    • Tax Bracket 2019
      • Long Term Capital Gains Rate- 2019,2018,2017
      • 2019 & 2018 Standard Deduction
      • Kiddie Tax Brackets
    • Depreciation MACRS Table
  • Tax Information
    • Latest Phone number of IRS
    • Local Taxpayer Advocate Service Office
    • Search CAA & AA
  • Tax Calculator 2022 & 2023
    • Fastest Sales Tax Reverse Calculator
    •  EITC Calculator 2022 & 2023
    • SEP-IRA Calculator
    • Penalty Calculator
    • IRA Contribution Limit Calculator
    • Mileage Reimbursement Calculator
    • Net Investment Calculator
    • Alternative Minimum Tax Calculator for 2017 & 2018
    • Estimated Tax Penalty
    • Section 179 Deduction
    • tax residency
      • Physical Presence Test Calculator
      • US Tax Residency Calculator
      • First Year Choice Calculator
    • Capital Gains Calculator
    • Home Office Deduction Calculator
  • Write to me
  • Q&A
  • State and Local Taxes
    • California Tax Calculator With Tax Rates
    • DC Tax Rates 2022 & Past Years
    • Massachusetts tax calculator
    • Illinois tax calculator with tax rates
    • Indiana Tax Rate Chart
    • NY State Tax Rate 2022
  • Privacy Policy
  • Guest Posting
  • Lottery Tax Rates by State
  • Test of calculator
  • Quick Videos of Tax Tips!

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