Facts & Figures for 2023
Listed below are some important financial Facts & Figures for 2023. Hyperlinks on figures provide a view of historical figures. Use the quick links here to jump to the section you need:
Income tax
Social Security
Medicare
Retirement Accounts
Facts & Figures for 2022 (historical figures)
Income Tax
| 2023 Income Tax Rate Schedule | |||
| Single Filers | |||
| From | To | Rate | Minus |
| $0 | $11,000 | 10% | $0.00 |
| $11,001 | $44,725 | 12% | $220.00 |
| $44,726 | $95,375 | 22% | $4,692.50 |
| $95,376 | $182,100 | 24% | $6,600.00 |
| $182,101 | $231,250 | 32% | $21,168.00 |
| $231,251 | $578,125 | 35% | $28,105.50 |
| $578,126 | no limit | 37% | $39,668.00 |
| Married Filing Jointly or Qualifying Widow(er) | |||
| From | To | Rate | Minus |
| $0 | $22,000 | 10% | $0.00 |
| $22,001 | $89,450 | 12% | $440.00 |
| $89,451 | $190,750 | 22% | $9,385.00 |
| $190,751 | $364,200 | 24% | $13,200.00 |
| $364,201 | $462,500 | 32% | $42,336.00 |
| $462,501 | $693,750 | 35% | $56,211.00 |
| $693,751 | no limit | 37% | $70,086.00 |
| Married Filing Separately | |||
| From | To | Rate | Minus |
| $0 | $11,000 | 10% | $0.00 |
| $11,001 | $44,725 | 12% | $220.00 |
| $44,726 | $95,375 | 22% | $4,692.50 |
| $95,376 | $182,100 | 24% | $6,600.00 |
| $182,101 | $231,250 | 32% | $21,168.00 |
| $231,251 | $346,875 | 35% | $28,105.50 |
| $346,876 | no limit | 37% | $35,043.00 |
| Head of Household | |||
| From | To | Rate | Minus |
| $0 | $15,700 | 10% | $0.00 |
| $15,701 | $59,850 | 12% | $314.00 |
| $59,851 | $95,350 | 22% | $6,299.00 |
| $95,351 | $182,100 | 24% | $8,206.00 |
| $182,101 | $231,250 | 32% | $22,774.00 |
| $231,251 | $578,100 | 35% | $29,711.50 |
| $578,101 | no limit | 37% | $41,273.50 |
| Estates and Trusts | |||
| From | To | Rate | Minus |
| $0 | $2,900 | 10% | $0.00 |
| $2,901 | $10,550 | 24% | $406.00 |
| $10,551 | $14,450 | 35% | $1,566.50 |
| $14,451 | no limit | 37% | $1,855.50 |
| Long-Term Capital Gains and Qualifying Dividends | ||
| Single (taxable income) | ||
| From AGI | To AGI | LTCG Tax Rate |
| $0 | $44,625 | 0% |
| $44,626 | $492,300 | 15% |
| $492,301 | no limit | 20% |
| Married Filing Jointly (taxable income) | ||
| $0 | $89,250 | 0% |
| $89,251 | $553,850 | 15% |
| $553,851 | no limit | 20% |
| Head of Household | ||
| $0 | $59,750 | 0% |
| $59,751 | $523,050 | 15% |
| $523,051 | no limit | 20% |
| Married Filing Separately | ||
| $0 | $44,625 | 0% |
| $44,626 | $276,900 | 15% |
| $258,601 | no limit | 20% |
| Estates & Trusts | ||
| $0 | $3,000 | 0% |
| $3,001 | $14,650 | 15% |
| $14,651 | no limit | 20% |
| Net Investment Income Tax (NIIT) 3.8% tax on the lesser of Excess of MAGI over the following or Net Investment Income | |
| Single | $200,000 |
| Married Filing Jointly | $250,000 |
| Married Filing Separately | $125,000 |
| Standard Deductions | |
| Filing Status | Standard Deduction |
| Single | $13,850 |
| Married Filing Jointly | $27,700 |
| Qualifying Widow(er) | $27,700 |
| Married Filing Separately | $13,850 |
| Head of Household | $20,800 |
| Dependent | Greater of: $1,250 or $400 plus earned income |
| Additional Standard Deductions (add to the regular Standard Deduction) |
|
| Blind (MFJ, MFS or QW) | $1,500 |
| Over 65 (MFJ, MFS or QW) | $1,500 |
| Blind (single) | $1,850 |
| Over 65 (single) | $1,850 |
| Alternative Minimum Tax Exemptions | |
| Single | $81,300 |
| Married Filing Jointly | $126,500 |
| Surviving Spouse | $126,500 |
| Married Filing Separately | $63,250 |
| Estates and Trusts | $28,400 |
| AMT Rate of 28% applies to income over: | |
| Married Filing Separately | $110,350 |
| All other filing statuses | $220,700 |
| Exemption phase out begins at: | |
| Single | $578,150 |
| Married Filing Jointly | $1,156,300 |
| Surviving Spouse | $1,156,300 |
| Married Filing Separately | $578,150 |
| Estates and Trusts | $94,600 |
| Gift & Estate Tax Exclusions and Credits | |
| Estate Tax Exclusion | $12,920,000 |
| Gift and GST Tax Exclusion | $12,920,000 |
| Annual Gift Tax Exclusion | $17,000 |
| Maximum Estate, Gift and GST Tax Rate | 40% |
| Health Savings Accounts | |||
| Maximum Deductible Contribution | Expense Limit | Minimum Deductible | |
| Single (individual) | $3,850 | $7,500 | $1,500 |
| Family | $7,750 | $15,000 | $3,000 |
| Catch-up (age 55+) | $1,000 | ||
| Education Credits | ||
| Credit | Maximum Amount | Phaseouts begin at AGI of: |
| American Opportunity Tax Credit (Hope) | $2,500 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
| Lifetime Learning Credit | $2,000 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
Social Security
| Full Retirement Age | |
| Born in: | Full Retirement Age (FRA) is: |
| 1943-1954 | 66 |
| 1955 | 66y, 2m |
| 1956 | 66y, 4m |
| 1957 | 66y, 6m |
| 1958 | 66y, 8m |
| 1959 | 66y, 10m |
| 1960 or later | 67 |
| Social Security Maximum Taxable Earnings | ||
| 2023 | $160,200 | |
| Social Security Quarter of Credit | ||
| 2023 | $1,640 | |
| Social Security Benefits Taxation | ||
| Filing status | Provisional Income* | SS benefit included as taxable |
| Married Filing Jointly | less than $32,000 | 0% |
| $32,000 to $44,000 | up to 50% | |
| more than $44,000 | up to 85% | |
| Single, Head of Household, Qualifying Widow(er) | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and not living with spouse | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and living with spouse | more than $0 | 85% |
* Provisional income is the total of your taxable income except for Social Security benefits, plus tax-free income, plus 50% of your Social Security benefits.
| 2023 Earnings Limits | ||
| Before FRA | $21,240 | $1,770/mo |
| For every $2 over the limit, $1 in benefits is withheld | ||
| Year of FRA | $56,520 | $4,710/mo |
| For every $3 over the limit, $1 in benefits is withheld | ||
| After FRA | no limit | |
| Substantial Earnings | ||
| 2023 | $29,700 | |
| Bend Points for age 62 in 2023 | |
| Retirement Benefit PIA calculation (of AIME) | |
| 1st (x 90%) | $1,115 |
| 2nd (x 32%) | $6,721 |
| 3rd (x 15%) | $6,722+ |
| Family Maximum Benefit calculation (of PIA) | |
| 1st (x 150%) | $1,425 |
| 2nd (x 272%) | $2,056 |
| 3rd (x 134%) | $2,682 |
| 4th (x 175%) | $2,683+ |
Medicare
| Medicare Premiums | ||
| Part B | Part D | |
| Standard Premium | $164.90 | n/a |
| Hold harmless | n/a | n/a |
| IRMAA Premium Adjustments | ||
| Filing Status | Part B | Part D |
| Married Filing Jointly | ||
| <$194,001 | +$0 | +$0 |
| $194,001 to $246,000 | +$65.90 | +$12.20 |
| $246,001 to $306,000 | +$164.80 | +$31.50 |
| $306,001 to $366,000 | +$263.70 | +$50.70 |
| $366,001 to $750,000 | +$362.60 | +$70.00 |
| >$750,000 | +$395.60 | +$76.40 |
| Single | ||
| <$97,001 | +$0 | +$0 |
| $97,001 to $123,000 | +$65.90 | +$12.20 |
| $123,001 to $153,000 | +$164.80 | +$31.50 |
| $153,001 to $183,000 | +$263.70 | +$50.70 |
| $183,001 to $500,000 | +$362.60 | +$70.00 |
| >$500,000 | +$395.60 | +$76.40 |
| Medicare Deductibles & Coinsurance | |
| Part A (per benefit period) | |
| Deductible | $1,600 |
| Coinsurance First 60 days | $0 |
| Day 61-90 (per day) | $400 |
| Day 91-150 (per day) | $800 |
| Part B (per year) | $226 |
| Part D deductible | $505 |
| First Tier | $4,660 |
| Second Tier (donut hole) |
$7,400 |
| Third Tier (catastrophic) |
above $7,400 |
Retirement Accounts
| Individual Retirement Arrangements (IRAs) | ||
| Traditional IRA | ||
| Limitations | Deductible Contribution | Deductible Catch-up Contribution (age 50+) |
| If Covered by Employer Plan (self) | ||
| Married Filing Jointly MAGI | ||
| <= $116,000 | $6,500 | $1,000 |
| $116,001 to $136,000 | Reduced by 32.5% of each dollar over $116,000 | Reduced by 5% of each dollar over $116,000 |
| >= $136,001 | only non-deductible contributions allowed, up to $6,500 | only non-deductible contributions allowed, up to $1,000 |
| Single MAGI | ||
| <= $73,000 | $6,500 | $1,000 |
| $73,001 to $83,000 | Reduced by 65% of each dollar over $78,000 | Reduced by 10% of each dollar over $73,000 |
| >= $83,001 | only non-deductible contributions allowed, up to $6,500 | only non-deductible contributions allowed, up to $1,000 |
| Married Filing Separately MAGI | ||
| <= $0 | $6,500 | $1,000 |
| $1 to $10,000 | reduced by 65% of each dollar over $0 | Reduced by 10% of each dollar over $0 |
| >= $10,000 | only non-deductible contributions allowed, up to $6,500 | only non-deductible contributions allowed, up to $1,000 |
| If spouse is covered by Employer Plan | ||
| Married Filing Jointly MAGI | ||
| <= $218,000 | $6,500 | $1,000 |
| $218,001 to $228,000 | reduced by 65% of each dollar over $218,000 | Reduced by 10% of each dollar over $218,000 |
| >= $228,001 | only non-deductible contributions allowed, up to $6,500 | only non-deductible contributions allowed, up to $1,000 |
| Roth IRA | ||
| Limitations | Contribution Limit | Catch-up Contribution Limit (age 50+) |
| Married Filing Jointly MAGI | ||
| <= $218,000 | $6,500 | $1,000 |
| $218,001 to $228,000 | reduced by 65% of each dollar over $218,000 | Reduced by 10% for each dollar over $218,000 |
| >= $228,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Single or Head of Household MAGI | ||
| <= $138,000 | $6,500 | $1,000 |
| $138,001 to $153,000 | Reduced by 40% of each dollar over $138,000 | Reduced by 6.67% of each dollar over $138,000 |
| >= $153,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Married Filing Separately MAGI | ||
| <= $0 | $6,500 | $1,000 |
| $1 to $10,000 | Reduced by 65% of each dollar over $0 | Reduced by 10% of each dollar over $0 |
| >= $10,000 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Other retirement plans | ||
| 401(k), Roth 401(k), 403(b), 457(b) | ||
| Deductible Contribution | Deductible Catch-up Contribution (age 50+) | Maximum Total Contribution (includes Employer match, non-deductible contributions, and catch-up) |
| $22,500 | $7,500 | $73,500 |
| SIMPLE IRA | ||
| $15,500 | $3,500 | |