Alternative minimum tax (AMT) |
2022 |
2023 |
|---|---|---|
| Maximum AMT exemption amount | $118,100 (MFJ), $75,900 (Single/HOH), $59,050 (MFS) | $126,500 (MFJ), $81,300 (Single/HOH), $63,250 (MFS) |
| Exemption phaseout threshold | $1,079,800 (MFJ), $539,900 (Single/HOH/MFS) | $1,156,300 (MFJ), $578,150 (Single/HOH/MFS) |
| 26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount) | 206,100 (MFJ/Single/HOH), $103,050 (MFS) | $220,700 (MFJ/Single/HOH), $110,350 (MFS) |
Standard deduction |
2022 |
2023 |
|---|---|---|
| Standard deduction amount | $25,900 (MFJ), $19,400 (HOH), $12,950 (Single), $12,950 (MFS) | $27,700 (MFJ), $20,800 (HOH), $13,850 (Single), $13,850 (MFS) |
| Standard deduction for dependent | Can’t exceed the greater of $1,150 or $400 + earned income | Can’t exceed the greater of $1,250 or $400 + earned income |
| Additional deduction for aged/blind | $1,750 (Single/HOH), $1,400 (MFJ/MFS) | $1,850 (Single/HOH), $1,500 (MFJ/MFS) |
Top tax brackets |
2022 |
2023 |
|---|---|---|
| Single | 37% of taxable income exceeding $539,900 + $162,718 | 37% of taxable income exceeding $578,125 + $174,238.25 |
| MFJ | 37% of taxable income exceeding $647,850 + $174,253.50 | 37% of taxable income exceeding $693,750 + $186,601.50 |
| MFS | 37% of taxable income exceeding $323,925 + $87,126.75 | 37% of taxable income exceeding $346,875 + $93,300.75 |
| HOH | 37% of taxable income exceeding $539,900 + $161,218.50 | 37% of taxable income exceeding $578,100 + $172,623.50 |
Top capital gain tax rate (20%) thresholds |
2022 |
2023 |
|---|---|---|
| Single | $459,750 | $492,300 |
| MFJ | $517,200 | $553,800 |
| MFS | $258,600 | $276,900 |
| HOH | $488,500 | $523,050 |
Unearned income Medicare contribution tax (Net investment income tax) |
2022 |
2023 |
|---|---|---|
| Amount of tax | 3.80% | 3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding: | ||
| Individuals | $200,000 | $200,000 |
| Married filing jointly | $250,000 | $250,000 |
| Married filing separately | $125,000 | $125,000 |
Standard mileage rates |
2022 |
2023 |
|---|---|---|
| Use of auto for business purposes (cents per mile) | $0.585 or $0.625* | TBD |
| Use of auto for medical purposes (cents per mile) | $0.18 or $0.22* | TBD |
| Use of auto for moving purposes (cents per mile) | $0.18 or $0.22* | TBD |
| Use of auto for charitable purposes (cents per mile) | $0.14 | $0.14 |
| * The IRS raised mileage rates for the final 6 months of 2022, so the higher rates noted above are effective as of July 1, 2022. | ||
