IRS releases new standard deductions and tax brackets as inflation soars

[Sucker]

The IRS makes inflation adjustments yearly, but this year they coincided with hot October inflation data

Hours after data came out showing the rate of inflation hit a 31-year high in October, the Internal Revenue Service announced how much certain inflation-indexed tax provisions would be adjusted for returns filed in 2023.

The IRS already announced the inflation adjustments for provisions, like the standard deduction, that will apply for returns filed in 2022. Those routine adjustments were made last October.

New standard deduction, tax brackets, gift tax and EITC

• The standard deduction rises to $25,100 for married couples filing jointly in their 2022 returns. That’s a $300 increase. It rises to $25,900 for 2023 returns, an $800 rise.

• For single filers and married individuals filing separately, the standard deduction in 2021 returns climbs to $12,550, a $150 increase. The following year, the deduction increases to $12,950, a $400 increase.

• The income levels applying to each tax bracket are increasing up and down the income scale. For example, in 2021 returns, the top 37% rate applies to individuals making $523,600, or $628,300 for married couples filing jointly. In 2022 returns, the richest households face the top rate for incomes above $539,900 or $647,850 for married couples filing jointly.

[Sucker]

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[Discotek]

25 minutes ago, Sucker said:

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[summer27]

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[r2d2]

43 minutes ago, Sucker said:

3 jobs holders

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[nokia123]

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