2023 Tax Resources
Tax Resources
Tax Due Dates
Regular Tax Due
April 15, 2024
- 00Days to April 15
Extended Tax Due
October 15, 2024
- 00Days to October 15
Quarterly Tax Due Dates
| Income Earned For | Due Date |
|---|---|
|
January 1 to March 31 |
April 18, 2023 |
|
April 1 to May 31 |
June 15, 2023 |
|
June 1 to August 31 |
September 15, 2023 |
|
September 1 to December 31 |
January 15, 2024 |
Contribution Limits
Traditional IRA & Roth IRA Contribution Limits
| | Limit Amount |
|---|---|
| Contribution Limit | $6,500 |
| 50+ Catch Up | $1,000 |
| Participant and Filing Status | Phaseout Range | Filing Status | Phaseout Range | |
|---|---|---|---|---|
| Traditional IRA | Roth IRA | |||
| Participants Married-Jointly | $116,000- $136,000 | Married-Jointly | $218,000- $228,000 | |
| Participants Married-Separately | $0-$10,000 | Married-Separately | $0-$10,000 | |
| Participants All others | $73,000- $83,000 | All Others | $138,000- $153,000 | |
| Non-participant married to a participant | $218,000- $228,000 | |||
| Neither Spouse a Participant | Fully Deductible |
Retirement Savings Plans Contribution Limits
| | 2023 |
|---|---|
| 401k, 403b, 457b* | $22,500 |
| 401k, 403b 50+ Catch-UP | $7,500 |
| Defined Contribution Max Annual Additions | Up to 25% of Compensation or $66,000 |
| SIMPLE IRA | $15,500 |
| SIMPLE 50+ Catch-UP | $3,500 |
| SEP IRA | Up to 25% of Compensation or $66,000 |
| SEP IRA Comp. Threshold | $750 |
| Defined Benefit Max Annual Benefit | $265,000 |
| Max Comp. Considered | $330,000 |
| HCE** | $150,000 |
| HCE - Top Hat** | $215,000 |
Health Savings Account Contribution Limits
The Health Savings Account is a powerful planning tool that offers unique tax benefits. Check out my article A Healthy Investment: Discover the Surprising Benefits of Health Savings Accounts for more information.
| | Single | Family |
|---|---|---|
| Contribution Limit | $3,850 | $7,750 |
| Age 55+ Catch-Up | $1,000 | $1,000 |
Deductions and Credits
Federal Standard Deduction
| | 2022 | 2023 |
|---|---|---|
| Single / Married - Separately | $12,950 | $13,850 |
| Married - Jointly | $25,900 | $27,700 |
| Head of Household | $19,400 | $20,800 |
Education Deductions and Credits
| Deduction/Credit | Amount | Joint Phaseout | All Others Phase Out |
|---|---|---|---|
| Student Loan Interest Deduction | $2,500 | $150,000- $180,000 | $75,000- $90,000 |
| American Opportunity Credit | $2,500 | $160,000-$180,000 | $80,000-$90,000 |
| Lifetime Learning Credit | $2,000 | $160,000-$180,000 | $80,000-$90,000 |
| US Savings Bond Income | - | $137,800-$167,800 | $91,850-$106,850 |
Saver's Credit
The Saver’s Credit is a tax credit designed to encourage lower income households to save for retirement.
| Credit Rate | Married Filing Jointly | Head of Household | All Other Filers |
|---|---|---|---|
| 50% of your contribution | AGI not more than $43,500 | AGI not more than $32,625 | AGI not more than $21,750 |
| 20% of your contribution | $43,501- $47,500 | $32,626 - $35,625 | $21,751 - $23,750 |
| 10% of your contribution | $47,501 - $73,000 | $35,626 - $54,750 | $23,751 - $36,500 |
| 0% of your contribution | more than $73,000 | more than $54,750 | more than $36,500 |
Tax Brackets
Federal Ordinary Income Tax Brackets
Federal Ordinary Income Tax Brackets are used to calculate your tax liability from active income sources like wages, self-employment incomes, and rental income.
Find your Taxable Income figure and determine what range (Column 1 and 2) it is in the appropriate table. Multiply the difference between your Taxable Income and the amount in the last column by the percent in Column 4. Add the result to Column 3 to obtain an estimate of your tax.
For example, if your taxable income is $120,000 and you file Jointly, your estimated tax is calculated as follows:
- Find the row with your income range – row 3 in this case.
- Subtract your taxable income from the last column. $120,000 – $83,550 = $36,450
- Multiply that result by the rate in column 4. $36,450 x 22% = $8,019
- Add the result in step 3 to the base tax amount in Column 3. $9,615 + $8,019 = $17,634
Federal Tax Brackets for Single Filers
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| $- | $11,000 | $- | 10% | $- |
| $11,000 | $44,725 | $1,100 | 12% | $11,000 |
| $44,725 | $95,375 | $5,147 | 22% | $44,725 |
| $95,375 | $182,100 | $16,290 | 24% | $95,375 |
| $182,100 | $231,250 | $37,104 | 32% | $182,100 |
| $231,250 | $578,125 | $52,832 | 35% | $231,250 |
| $578,125 | - | $174,238 | 37% | $578,125 |
Federal Tax Brackets for Married Filing Jointly
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| 0 | $22,000 | 0 | 10% | 0 |
| $22,000 | $89,450 | $2,200 | 12% | $22,000 |
| $89,450 | $190,750 | $10,294 | 22% | $89,450 |
| $190,750 | $364,200 | $32,580 | 24% | $190,750 |
| $364,200 | $462,500 | $74,208 | 32% | $364,200 |
| $462,500 | $693,750 | $105,664 | 35% | $462,500 |
| $693,750 | - | $186,602 | 37% | $693,750 |
Federal Tax Brackets for Head of Household
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| $- | $14,650 | $- | 10% | $- |
| $14,650 | $55,900 | $1,465 | 12% | $14,650 |
| $55,900 | $89,050 | $6,415 | 22% | $55,900 |
| $89,050 | $170,050 | $13,708 | 24% | $89,050 |
| $170,050 | $215,950 | $33,148 | 32% | $170,050 |
| $215,950 | $539,900 | $47,836 | 35% | $215,950 |
| $539,900 | - | $161,219 | 37% | $539,900 |
Federal Tax Brackets for Married Filing Separately
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| $- | $11,000 | $- | 10% | $- |
| $11,000 | $44,725 | $1,100 | 12% | $11,000 |
| $44,725 | $95,375 | $5,147 | 22% | $44,725 |
| $95,375 | $182,100 | $16,290 | 24% | $95,375 |
| $182,100 | $231,250 | $37,104 | 32% | $182,100 |
| $231,250 | $346,875 | $52,832 | 35% | $231,250 |
| $346,875 | - | $93,301 | 37% | $346,875 |
Federal Tax Brackets for Trusts and Estates
| Income Over | But Not Over | Tax+ | % on Excess | Of the Amount Over |
|---|---|---|---|---|
| $- | $2,900 | $- | 15% | $- |
| $2,900 | $10,550 | $435 | 24% | $2,900 |
| $10,550 | $14,450 | $2,271 | 35% | $10,550 |
| $14,450 | - | $3,636 | 37% | $14,450 |
Federal Capital Gains Tax Brackets
The Capital Gains tax rates apply to long-term capital gains and qualified dividends.
| Rate | Single | Married - Jointly | Married - Separately | Head of Household |
|---|---|---|---|---|
| 0% | $- | $- | $- | $- |
| 15% | $44,625 | $89,250 | $44,625 | $59,750 |
| 20% | $492,300 | $553,850 | $276,900 | $523,050 |
Social Security
Social Security Earnings Limit
| | Under FRA | Year reaching FRA |
|---|---|---|
| Earnings Limit | $21,240/yr or $1,770/mo | $56,520/yr or $4,710/mo |
| Reduction | $1 W/H for Every $2 Over | $1 W/H for Every $3 Over |
Social Security Provisional Income
| | Single | Married - Jointly |
|---|---|---|
| Not Taxable | <$25,000 | <$32,000 |
| Up to 50% taxable | $25,000-$34,000 | $32,000-$44,000 |
| Up to 85% taxable | >$34,000 | >$44,000 |
States that Tax Social Security Separately: CO, CT, KS, MN, MO, MT, NE, NM, ND, RI, UT, VT
FICA & SECA Tax Rates
| | Income Limit | Self-Employed | Employee |
|---|---|---|---|
| OASDI (Social Security) | $160,200 | 12.40% | 6.20% |
| HI (Medicare) | No Limit | 2.90% | 1.45% |
| Addt Medicare Tax for $200k/$250k | $200,000 Single / $250,000 Married | 0.90% | 0.90% |
Net Investment Income Tax
| Filing Status | MAGI | Rate |
|---|---|---|
| Single/Head of Household | $200,000 | 3.80% |
| Married Filing Jointly/Separately | $250,000/$125,000 | 3.80% |
| Trusts & Estates | $12,500 | 3.80% |
Business Tax Rates
| Structure | Tax Rate |
|---|---|
| C-Corporations | 21% |
| S-Corporations & LLC | Individual Tax Rate |
| Qualified Business Income Deduction | 20% |
Distributions
Uniform Lifetime Table
The Uniform Lifetime Table is one of the tables used to calculate Required Minimum Distributions.
| Age | Divisor Balance | % of Acct | Age | Divisor Balance | % of Acct |
|---|---|---|---|---|---|
| 72 | 27.4 | 3.65% | 88 | 13.7 | 7.30% |
| 73 | 26.5 | 3.77% | 89 | 12.9 | 7.75% |
| 74 | 25.5 | 3.92% | 90 | 12.2 | 8.20% |
| 75 | 24.6 | 4.07% | 91 | 11.5 | 8.70% |
| 76 | 23.7 | 4.22% | 92 | 10.8 | 9.26% |
| 77 | 22.9 | 4.37% | 93 | 10.1 | 9.90% |
| 78 | 22.0 | 4.55% | 94 | 9.5 | 10.53% |
| 79 | 21.1 | 4.74% | 95 | 8.9 | 11.24% |
| 80 | 20.2 | 4.95% | 96 | 8.4 | 11.90% |
| 81 | 19.4 | 5.15% | 97 | 7.8 | 12.82% |
| 82 | 18.5 | 5.41% | 98 | 7.3 | 13.70% |
| 83 | 17.7 | 5.65% | 99 | 6.8 | 14.71% |
| 84 | 16.8 | 5.95% | 100 | 6.4 | 15.63% |
| 85 | 16.0 | 6.25% | 101 | 6.0 | 16.67% |
| 86 | 15.2 | 6.58% | 102 | 5.6 | 17.86% |
| 87 | 14.4 | 6.94% | 103 | 5.2 | 19.23% |
Gift and Estate Tax
| | 2022 | 2023 |
|---|---|---|
| Annual Gift Tax Exclusion | $16,000 | $17,000 |
| Unified Credit Exemption | $12,060,000 | $12,920,000 |
| Gift to Non-Citizen Spouse | $164,000 | $175,000 |
States with Separate Estate Tax: CT, DC, HI, IL, MA, MD, ME, MN, NY, OR, RI, VT, WA
States with Inheritance Tax: IA, KY, NE, PA
Community Property States: AK, AZ, CA, ID, LA, NM, NV, TX, WA, WI
Additional Tax Resources
Resources for Small Business Owners
When Will Tax Supporting Documents Arrive
| Document | Receive By |
|---|---|
|
W-2's, 1098 Mortgage Interest, Charitable Donation Receipts, and most 1099's (Non-Employment Income, Interest, Dividends, Retirement Plan Distributions) |
January 31 |
|
1099's for Taxable Accounts |
February 15 |
|
K-1's from Partnerships or Passthroughs |
March 15 or April 15 |