There are seven federal income tax rates in 2023: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
The U.S. federal tax rates will remain the same until 2025 as a result of the Tax Cuts and Jobs Act of 2017, but the income thresholds that inform the tax brackets are generally adjusted each year to reflect the rate of inflation
The AMT exemption amount for 2023 is $81,300 for singles and $126,500 for married couples filing jointly.
In 2023, the 28 percent AMT rate applies to excess AMTI of $220,700 for all taxpayers ($110,350 for married couples filing separate returns).
The standard deduction will increase by $900 for single filers and by $1,800 for joint filers
The personal exemption for 2023 remains at $0 (eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA).
The maximum Child Tax Credit is $2,000 per qualifying child and is not adjusted for inflation. The refundable portion of the Child Tax Credit is adjusted for inflation and will increase from $1,500 to $1,600 for 2023.
The maximum Earned Income Tax Credit (EITC) in 2023 for single and joint filers is $560 if the filer has no children. The maximum credit is $3,995 for one child, $6,604 for two children, and $7,430 for three or more children.
In 2023, the first $17,000 of gifts to any person are excluded from tax, up from $16,000. The exclusion is increased to $175,000 from $164,000 for gifts to spouses who are not citizens of the United States.
The Tax Cuts and Jobs Act of 2017 (TCJA) includes a 20 percent deduction for pass-through businesses. Limits on the deduction begin phasing in for taxpayers with income above $182,100 (or $364,200 for joint filers) in 2023.
2023
FEDERAL
INCOME TAX
BRACKET
(FOR TAXES DUE IN APRIL 2024)
Expand the Filing status that applies to you
| SINGLE FILERS | ||
| Tax Rate | Taxable income Bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $11,000 | 10% of taxable income |
| 12% | $11,001 to $44,725 | $1,100 plus 12% of the amount over $11,000 |
| 22% | $44,726 to $95,375 | $5,147 plus 22% of the amount over $44,725. |
| 24% | $95,376 to $182,100 | $16,290 plus 24% of the amount over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 plus 32% of the amount over $182,100 |
| 35% | $231,251 to $578,125 | $52,832 plus 35% of the amount over $231,250 |
| 37% | $578,126 or more | $174,238.25 plus 37% of the amount over $578,125 |
| MARRIED, FILING JOINTLY | ||
| Tax Rate | Taxable Income Bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $22,000 | 10% of taxable income |
| 12% | $22,001 to $89,450 | $2,200 plus 12% of the amount over $22,000 |
| 22% | $89,451 to $190,750 | $10,294 plus 22% of the amount over $89,450 |
| 24% | $190,751 to $364,200 | $32,580 plus 24% of the amount over $190,750 |
| 32% | $364,201 to $462,500 | $74,208 plus 32% of the amount over $364,200 |
| 35% | $462,501 to $693,750 | $105,664 plus 35% of the amount over $462,500 |
| 37% | $693,751 or more | $186,601.50 + 37% of the amount over $693,750 |
| MARRIED, FILING SEPARATELY | ||
| Tax rate | Taxable income bracket | Tax owed |
|---|---|---|
| 10% | $0 to$11,000 | 10% of taxable income |
| 12% | $11,001 to $44,725 | $1,100 plus 12% of the amount over $11,000 |
| 22% | $44,726 to $95,375 | $5,147 plus 22% of the amount over $44,725 |
| 24% | $95,376 to $182,100 | $16,290 plus 24% of the amount over $95,375 |
| 32% | $182,101 to $231,250 | $37,104 plus 32% of the amount over $182,100 |
| 35% | 231,251 to $578,125 | $52,832 plus 35% of the amount over $231,250 |
| 37% | $578,126 or more | $174,238.25 plus 37% of the amount over $578,125 |
| HEAD OF HOUSEHOLD | ||
| Tax Rate | Taxable Income Bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $15,700 | 110% of taxable income |
| 12% | $15,701 to $59,850 | $1,570 plus 12% of the amount over $15,700 |
| 22% | $59,851 to $95,350 | $6,868 plus 22% of the amount over $59,850 |
| 24% | $95,351 to $182,100 | $14,678 plus 24% of the amount over $95,350 |
| 32% | $182,101 to $231,250 | $32,089.50 plus 32% of the amount over $157,500 |
| 35% | $231,251 to $578,100 | $51,226 plus 35% of the amount over $231,250 |
| 37% | $578,101 or more | $172,623.50 plus 37% of the amount over $578,100 |