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IRS Tax Brackets for 2023

2023 Tax Brackets

Last week the IRS released the amounts for tax brackets and standard deduction for 2022. They said due to the high amount of inflation, the brackets increase much more than normal. Unless you’ve been living under a rock, 2022 has had the biggest bout of inflation since the 70s. Due to the high inflation, the brackets are up a lot higher than in other years.

2023 Tax Brackets – Individuals

IRS Tax Brackets – Individuals
Tax Rate (%)2023 Tax Brackets2022 Tax Brackets
10%Up to $11,000Up to $10,275
12%$11,000 to $44,725$10,275 to $41,775
22%$44,725 to $95,375$41,775 to $89,075
24%$95,375 to $182,100$89,075 to $170,050
32%$182,100 to $231,250$170,051 to $215,950
35%$231,250 to $578,125$215,950 to $539,900
37%Over $578,125Over $539,900

2023 Tax Brackets – Married Filing Jointly

IRS Tax Brackets – Married Filing Jointly
Tax Rate (%)2023 Tax Brackets2022 Tax Brackets
10%Up to $22,000Up to $20,550
12%$22,000 to $89,450$20,551 to $83,550
22%$89,450 to $190,750$83,550 to $178,150
24%$190,750 to $364,200$178,150 to $340,100
32%$364,200 to $462,500$340,100 to $431,900
35%$462,500 to $693,750$431,900 to $647,850
37%Over $693,750Over $647,850

2023 Tax Brackets – Head of Household

You can file as head of household if you are unmarried and pay more than half the cost of a dependent, such as child, grandchild, or parent in a given year.

IRS Tax Brackets – Head of Household
Tax Rate (%)2023 Tax Brackets2022 Tax Brackets
10%Up to $15,750Up to $14,650
12%$15,750 to $59,850$14,650 to $55,900
22%$59,850 to $95,350$55,901 to $89,050
24%$95,350 to $182,100$89,051 to $170,050
32%$182,100 to $231,250$170,051 to $215,950
35%$231,250 to $578,100$215,951 to $539,900
37%Over $578,100 Over $539,900

Standard Deduction for 2023

The standard deduction is a deduction the government gives you that you do not need to pay tax on. Example, if you are single, the first $12,950 you make in 2022 is tax free.

IRS Standard Deduction
Filing Status2023 Standard Deduction 2022 Standard Deduction
Single$13,850$12,950
Married Filing Jointly$27,700$25,900
Head of Household$20,800$19,400