November 29, 2022

2022 and 2023 Inflation/Cost of Living Updates

2022 and 2023 Inflation/Cost of Living Updates Year-End Tax Guide

Tax Benefits
STANDARD DEDUCTION
2022
2023
Married-Joint
$25,900
$27,700
Single
$12,950
$13,850
Married-Separate
$12,950
$13,850
Head of Household
$19,400
$20,800
Foreign Earned Income Exclusion
$112,000
$120,000
Maximum Taxable Social Security Earnings Base
$147,000
$160,200

2022 Individual Income Tax Rates
RATE
SINGLE
HEAD OF HOUSEHOLD
MARRIED-JOINT
MARRIED-SEPERATE
10%
$0 – $10,275
$0 – $14,650
$0 – $20,550
$0 – $10,275
12%
$10,276 – $41,775
$14,651 – $55,900
$20,551 – $83,550
$10,276 – $41,775
22%
$41,776 – $89,075
$55,901 – $89,050
$83,551 – $178,150
$41,776 – $89,075
24%
$89,076 – $170,050
$89,051 – $170,050
$178,151 – $340,100
$89,076 – $170,050
32%
$170,051 – $215,950
$170,051 – $215,950
$340,101 – $431,900
$170,051 – $215,950
35%
$215,951 – $539,900
$215,951 – $539,900
$431,901 – $647,850
$215,951 – $323,925
37%
Over $539,900
Over $539,900
Over $647,850
Over $323,925

2023 Individual Income Tax Rates
RATE
SINGLE
HEAD OF HOUSEHOLD
MARRIED-JOINT
MARRIED-SEPERATE
10%
$0 – $11,000
$0 – $15,700
$0 – $22,000
$0 – $11,000
12%
$11,001 – $44,725
$15,701 – $59,850
$22,001 – $89,450
$11,001 – $44,725
22%
$44,726 – $95,375
$59,851 – $95,350
$89,451 – $190,750
$44,726 – $95,375
24%
$95,376 – $182,100
$95,351 – $182,100
$190,751 – $364,200
$95,376 – $182,100
32%
$182,101 – $231,250
$182,101 – $231,250
$364,201 – $462,500
$182,101 – $231,250
35%
$231,251 – $578,125
$231,251 – $578,100
$462,501 – $693,750
$231,251 – $346,875
37%
Over $578,125
Over $578,100
Over $693,750
Over $346,875

2022 Estates & Trusts Income Tax Brackets
OVER
BUT NOT OVER
THE TAX IS
…OF AMOUNT OVER
$0
$2,750
10%
$0
$2,750
$9,850
$275 + 24%
$2,750
$9,850
$13,450
$1,979 + 35%
$9,850
$13,450
 
$3,239 + 37%
$13,450

2023 Estates & Trusts Income Tax Brackets
OVER
BUT NOT OVER
THE TAX IS
…OF AMOUNT OVER
$0
$2,900
10%
$0
$2,900
$10,550
$290 + 24%
$2,900
$10,550
$14,450
$2,126 + 35%
$10,550
$14,450
 
$3,491 + 37%
$14,450

2022 Alternative Minimum Tax Exemption
 
2022 EXECPTION
PHASE-OUT THRESHOLD
COMPLETE PHASE-OUT OF EXEMPTION
Married Filing Jointly
$118,100
$1,079,800
$1,552,200
Married Filing Single
$59,050
$539,900
$776,100
Single
$75,900
$539,900
$843,500
Estates and Trusts
$26,5500
 
 

2023 Alternative Minimum Tax Exemption
 
2023 EXECPTION
PHASE-OUT THRESHOLD
COMPLETE PHASE-OUT OF EXEMPTION
Married Filing Jointly
$126,500
$1,156,300
$1,662,300
Married Filing Single
$63,250
$578,150
$831,150
Single
$81,300
$578,150
$903,350
Estates and Trusts
$28,400
$94,600
$208,200

2022 Taxable Income Threshold for Long-Term Capital Gains Rate
FILING STATUS
0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
Married Filing Jointly
Up to $83,350
$83,351 – $517,200
Over $517,200
Head of Household
Up to $55,800
$55,801 – $488,500
Over $488,500
Single
Up to $41,675
$41,676 -$459,750
Over $459,750
Married Filing Separately
Up to $41,675
$41,676 – $258,600
Over $258,600
Estates & Trusts
Up to $2,800
$2,801 – $13,700
$13,700

2023 Taxable Income Threshold for Long-Term Capital Gains Rate
FILING STATUS
0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS
Married Filing Jointly
Up to $89,250
$89,251 – $553,850
Over $553,850
Head of Household
Up to $59,750
$59,751 – $523,050
Over $523,050
Single
Up to $44,625
$44,626 – $492,300
Over $492,300
Married Filing Separately
Up to $44,625
$44,626 – $276,900
Over $276,900
Estates & Trusts
Up to $3,000
$3,001 – $14,650
Over $14,650

Gift & Estate Tax Exemptions
 
2022
2023
Gift Tax Exemption
$12,060,000
$12,920,000
Estate Tax Exemption
$12,060,000
$12,920,000
GST Tax Exemption
$12,060,000
$12,920,000
Annual Exclusion
$16,000
$17,000
Annual Exclusion (For gifts to spouses who are not U.S. Citizens)
$164,000
$175,000

2022 Dollar Limit for Retirement Plans
PLAN TYPES
2022 LIMITS
2023 LIMITS
Defined Contribution Plans
$61,000
$66,000
Defined Benefit Plans
$245,000
$265,000
Defined Contribution Plans – 401(k), 403(B) and 457 and Thrift Plans under Age 50
$20,500
$22,500
Age 50 and Older
$27,000
$30,000
Simple Plans: Under Age 50
$14,000
$15,500
Simple Plans: Age 50 and Older
$17,000
$19,000
Qualified Plans Compensation Limit
$305,000
$330,000
Traditional IRA AGI Phase-Out (MFJ with participant in employer plan)
$109,000
$116,000
Traditional IRA AGI Phase-Out (MFJ with taxpayer not an active participant, spouse in employer plan)
$204,000
$218,000
Traditional IRA AGI Phase-Out (Single/HOH)
$68,000
$73,000
Roth IRA Contributions AGI Phase-Out (Single/HOH)
$129,000
$138,000
Roth IRA Contributions AGI Phase-Out (MFJ)
$204,000
$218,000
Age 50 + IRA Catch-Up Contribution
$1,000
$1,000
Age 50 + Catch-up contributions to 401(k), 403(B), and 457 and Thrift Plans
$6,500
$7,500
Catch-up contributions to SIMPLE’s Age 50 and older
$3,000
$3,500
Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (MFJ)
$68,000
$73,000
Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (HOH)
$51,000
$54,750
Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (Single/MFS)
$34,000
$36,500
OTHER THRESHOLDS
2022 LIMITS
2023 LIMITS
SEP Annual Contribution Limit (the lesser of 25% of the first $330,000 of compensation or:
$61,000
$66,000
Key Employee in a Top-Heavy Plan
$200,000
$215,000
Highly Compensated Employee
$135,000
$150,000

Health Savings Account
CONTRIBUTION LIMITS
2022
2023
Single/Family
$3,650/$7,300
$3,850/$7,750
Age 55 + IRA Catch-up Contribution
$1,000
$1,000
2022 Marcum Year-End Tax Guide

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