Tax Facts
|
Tax Facts1 |
|||||
|
Deductions, Exemptions, Etc. |
|||||
|
2021 |
2022 |
2023 |
|||
|
FICA Wage Base |
$ 142,800 |
$ 147,000 |
$ 160,200 |
||
|
Medicare Additional Tax Wage Base |
|||||
|
Single (S) |
$ 200,000 |
$ 200,000 |
$ 200,000 |
||
|
Married Filing Jointly (MFJ) |
$ 250,000 |
$ 250,000 |
$ 250,000 |
||
|
Standard Deduction |
|||||
|
Single (S) |
$ 12,550 |
$ 12,950 |
$ 13,850 |
||
|
Married Filing Jointly (MFJ) |
$ 25,100 |
$ 25,900 |
$ 27,700 |
||
|
Head of Household (HOH) |
$ 18,800 |
$ 19,400 |
$ 20,800 |
||
|
Married Filing Separately (MFS) |
$ 12,550 |
$ 12,950 |
$ 13,850 |
||
|
Additional for age 65 or older or blind, each (MFJ, MFS) |
$ 1,350 |
$ 1,400 |
$ 1,500 |
||
|
Additional for age 65 or older or blind, each (S, HOH) |
$ 1,700 |
$ 1,750 |
$ 1,850 |
||
|
"Kiddie Tax" unearned income threshold |
$ 1,100 |
$ 1,150 |
$ 1,250 |
||
|
Foreign earned income exclusion |
$ 108,700 |
$ 112,000 |
$ 120,000 |
||
|
Standard Mileage Rates |
|||||
|
2021 |
2022 |
2023 |
|||
|
Standard Mileage |
$ 0.56 |
$ 0.585 |
$ 0.625 |
||
|
Charity Mileage |
$ 0.14 |
$ 0.14 |
$ 0.14 |
||
|
Medical/Moving Mileage |
$ 0.16 |
$ 0.18 |
$ 0.22 |
||
|
Travel per diem: |
See www.gsa.gov for location specific |
||||
|
Standard Rate: Lodging |
$ 96.00 |
$ 96.00 |
$ 98.00 |
||
|
Standard Rate: M&I |
$ 55.00 |
$ 59.00 |
$ 59.00 |
||
|
Retirement Plan Contribution Limits |
|||||
|
2021 |
2022 |
2023 |
|||
|
SIMPLE IRA Limit |
$ 13,500 |
$ 14,000 |
$ 15,500 |
||
|
SIMPLE >50 Catch-up |
$ 3,000 |
$ 3,000 |
$ 3,500 |
||
|
401(k) Limit |
$ 19,500 |
$ 20,500 |
$ 22,500 |
||
|
401(k) Catch-up |
$ 6,500 |
$ 6,500 |
$ 7,500 |
||
|
403(b) Limit |
$ 19,500 |
$ 20,500 |
$ 22,500 |
||
|
403(b) Catch-up |
$ 6,500 |
$ 6,500 |
$ 7,000 |
||
|
Regular IRA Limit |
$ 6,000 |
$ 6,000 |
$ 6,500 |
||
|
Regular IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
||
|
Roth IRA Limit |
$ 6,000 |
$ 6,000 |
$ 6,500 |
||
|
Roth IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
||
|
Regular IRA Contribution Phase-out Begins at AGI of Active Retirement Plan Participants: |
|||||
|
MFJ (Participating Spouse) |
$ 105,000 |
$ 109,000 |
$ 116,000 |
||
|
MFJ (Non-participating Spouse) |
$ 198,000 |
$ 204,000 |
$ 218,000 |
||
|
S, HOH |
$ 66,000 |
$ 68,000 |
$ 73,000 |
||
|
MFS |
$ - |
$ - |
$ - |
||
|
Roth IRA Contributions Phase-out Begins at AGI of: |
|||||
|
MFJ |
$ 198,000 |
$ 204,000 |
$ 218,000 |
||
|
S, HOH |
$ 125,000 |
$ 129,000 |
$ 138,000 |
||
|
MFS |
$ - |
$ - |
$ - |
||
|
Profit Sharing Plan/SEP Contribution Limit |
$ 58,000 |
$ 61,000 |
$ 66,000 |
||
|
Compensation Limit (For Employer Contributions to Profit-sharing Plans) |
$ 290,000 |
$ 305,000 |
$ 330,000 |
||
|
Qualified Long Term Care Premium Deduction |
|||||
|
2021 |
2022 |
2023 |
|||
|
40 or < |
$ 450 |
$ 450 |
$ 480 |
||
|
50 or < |
$ 850 |
$ 850 |
$ 890 |
||
|
50 or < |
$ 1,690 |
$ 1,690 |
$ 1,790 |
||
|
70 or < |
$ 4,420 |
$ 4,510 |
$ 4,770 |
||
|
> 70 |
$ 5,640 |
$ 5,640 |
$ 5,960 |
||
|
Long Term Care Excludable Per Diem |
$ 400 |
$ 390 |
$ 420 |
||
|
Qualified Business Income Deduction |
|||||
|
2021 |
2022 |
2023 |
|||
|
Phaseout: |
|||||
|
MFJ |
$ 329,850 |
$ 340,100 |
$ 364,200 |
||
|
MFS |
$ 164,900 |
$ 170,050 |
$ 182,100 |
||
|
S, HOH |
$ 164,925 |
$ 175,050 |
$ 182,100 |
||
|
Section 179 Deduction |
|||||
|
2021 |
2022 |
2023 |
|||
|
Limit |
$ 1,050,000 |
$ 1,080,000 |
$ 1,160,000 |
||
|
Qualifying Property Phase-out Threshold |
$ 2,620,000 |
$ 2,700,000 |
$ 2,890,000 |
||
|
Depreciation Limit - Autos (1st Year) |
$ 10,200 |
$ 11,200 |
|||
|
Depreciation Limit - Autos (1st Year) with Bonus Depreciation |
$ 18,200 |
$ 19,200 |
|||
|
Education Deductions, Credits, & Phase-outs |
|||||
|
2021 |
2022 |
2023 |
|||
|
American Opportunity Tax Credit - Maximum Per Student |
$ 2,500 |
$ 2,500 |
$ 2,500 |
||
|
Lifetime Learning Credit - Maximum Credit Per Return |
$ 2,000 |
$ 2,000 |
$ 2,000 |
||
|
Education Loan Interest |
$ 2,500 |
$ 2,500 |
$ 2,500 |
||
|
American Opportunity Tax Credit Phase-out Begins at AGI of: |
|||||
|
MFJ |
$ 160,000 |
$ 160,000 |
$ 160,000 |
||
|
S, HOH |
$ 80,000 |
$ 80,000 |
$ 80,000 |
||
|
MFS |
Not Allowed |
Not Allowed |
Not Allowed |
||
|
Lifetime Learning Credit Phase-out Begins at AGI of; |
|||||
|
MFJ |
$ 160,000 |
$ 160,000 |
$ 160,000 |
||
|
S, HOH |
$ 80,000 |
$ 80,000 |
$ 80,000 |
||
|
MFS |
Not Allowed |
Not Allowed |
Not Allowed |
||
|
Student Loan Interest Deduction Phase-out Begins at AGI of: |
|||||
|
MFJ |
$ 140,000 |
$ 145,000 |
$ 155,000 |
||
|
S, HOH |
$ 70,000 |
$ 70,000 |
$ 75,000 |
||
|
MFS |
Not Allowed |
Not Allowed |
Not Allowed |
||
|
Health Savings Account Limits |
|||||
|
2021 |
2022 |
2023 |
|||
|
Health Savings Accounts (HSA) |
|||||
|
Self-only Coverage: |
|||||
|
Contribution Limit |
$ 3,600 |
$ 3,650 |
$ 3,850 |
||
|
Plan Minimum Deductible |
$ 1,400 |
$ 1,400 |
$ 1,500 |
||
|
Plan Out-of-pocket Limit |
$ 7,000 |
$ 7,050 |
$ 7,500 |
||
|
Family Coverage: |
|||||
|
Contribution Limit |
$ 7,200 |
$ 7,300 |
$ 7,750 |
||
|
Plan Minimum Deductible |
$ 2,800 |
$ 2,800 |
$ 3,000 |
||
|
Plan Out-of-pocket Limit |
$ 14,000 |
$ 14,100 |
$ 15,000 |
||
|
Additional Contribution Limit - Age 55 or Older |
$ 1,000 |
$ 1,000 |
$ 1,000 |
||
|
Flexible Spending Account (FSA) Contribution Limit |
$ 2,750 |
$ 2,850 |
$ 3,050 |
||
|
Gift Tax Exclusion |
|||||
|
2021 |
2022 |
2023 |
|||
|
Estate Tax Exclusion |
$ 11,700,000 |
$ 12,060,000 |
$ 12,920,000 |
||
|
Gift Tax Annual Exclusion |
$ 15,000 |
$ 16,000 |
$ 17,000 |
||
|
Earned Income Credit |
|||||
|
2021 |
2022 |
2023 |
|||
|
AGI must be less than (MFJ) |
|
||||
|
No Qualifying Children |
$ 21,920 |
$ 22,610 |
$ 24,210 |
||
|
One Qualifying Child |
$ 48,108 |
$ 49,622 |
$ 53,120 |
||
|
Two Qualifying Children |
$ 53,865 |
$ 55,529 |
$ 59,478 |
||
|
Three or More Qualifying Children |
$ 57,414 |
$ 59,187 |
$ 63,398 |
||
|
Maximum Amount of Credit (All filers except MFS) |
|||||
|
No Qualifying Children |
$ 543 |
$ 560 |
$ 600 |
||
|
One Qualifying Child |
$ 3,618 |
$ 3,733 |
$ 3,995 |
||
|
Two Qualifying Children |
$ 5,980 |
$ 6,164 |
$ 6,604 |
||
|
Three or More Qualifying Children |
$ 6,728 |
$ 6,935 |
$ 7,430 |
||
|
12023 Numbers are estimates and will not be finalized until 2023. |
|||||
