2023 Federal Income Tax Brackets and Other Tax Changes

The IRS adjusts tax brackets annually to offset the effects of inflation. With inflation, a person is pushed into a higher tax bracket without necessarily making more income. That means paying more taxes. This doesn’t sound fair, right? So to level the playing field, there are inflation-adjusted amounts that increase annually to help combat this. Inflation-adjusted amounts will increase over 7% from the previous year due to the inflation we see today. This reflects in tax brackets and show how increments of your income will be taxed. Don’t be confused, these tax brackets are not for tax returns due April 2023. Click here for 2022 tax bracket information. The 2023 federal income tax brackets are for the tax returns that you will file in 2024. While tax brackets can help you plan, ezTaxReturn will manage all calculations when you use them to file.

2023 Federal Income Tax Brackets

Single filers

Tax rate	Taxable income bracket	Taxes owed
10%	$0 to $11,000	10% of taxable income
12%	$11,001 to $44,725	$1,100 + 12% of the amount over $11,000
22%	$44,726 to $95,375	$5,147 + 22% of the amount over $44,725
24%	$95,376 to $182,100	$16,290 + 24% of the amount over $95,375
32%	$182,101 to $231,250	$37,104 + 32% of the amount over $182,100
35%	$231,251 to $578,125	$52,832 + 35% of the amount over $231,250
37%	$578,126 or more	$174,238.25 + 37% of the amount over $578,125

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Married filing jointly

Tax rate	Taxable income bracket	Taxes owed
10%	$0 to $22,000	10% of taxable income
12%	$22,001 to $89,450	$2,200 + 12% of the amount over $22,000
22%	$89,451 to $190,750	$10,294 + 22% of the amount over $89,450
24%	$190,751 to $364,200	$32,580 + 24% of the amount over $190,750
32%	$362,201 to $462,500	$74,208 + 32% of the amount over $364,200
35%	$462,501 to $693,750	$105,664 + 35% of the amount over $462,500
37%	$693,751 or more	$186,601.50 + 37% of the amount over $693,750

Married filing separately

Tax rate	Taxable income bracket	Taxes owed
10%	$0 to $11,000	10% of taxable income
12%	$11,001 to $44,725	$1,100 + 12% of the amount over $1,100
22%	$44,726 to $95,375	$5,147 + 22% of the amount over $44,725
24%	$95,376 to $182,100	$16,290 + 24% of the amount over $95,375
32%	$182,101 to $231,250	$37,104 + 32% of the amount over $182,100
35%	$231,251 to $346,875	$52,832 + 35% of the amount over $231,250
37%	$346,876 or more	$93,300.75 + 37% of the amount over $346,875

Head of household

Tax rate	Taxable income bracket	Taxes owed
10%	$0 to $15,700	10% of taxable income
12%	$15,701 to $59,850	$1,570 + 12% of the amount over $15,700
22%	$59,851 to $95,350	$6,868 + 22% of the amount over $59,850
24%	$95,351 to $182,100	$14,678 + 24% of the amount over $95,350
32%	$182,101 to $231,250	$35,498 + 32% of the amount over $182,100
35%	$231,251 to $578,100	$51,226 + 35% of the amount over $231,250
37%	$578,101 or more	$172,623.50 + 37% of the amount over $578,100

2023 Standard deduction

The standard deduction is a fixed amount that lowers your taxable income. You can only claim it if you don’t itemize your deductions. The standard deduction amount varies based on your filing status, age and whether you can be claimed as a dependent by someone else. When you prepare your return with ezTaxReturn, we’ll compare your standard deduction against your itemized deductions so you choose the one that gives you the biggest savings.

Filing Status	Standard deduction amount
Single	$13,850
Head of household	$20,800
Married filing jointly	$27,700
Married filing separately	$13,850

Alternative Minimum Tax (AMT) exemption

Everyone has to pay their fair share of taxes. If you earn more than the alternative minimum tax exemption amount, you have to calculate your taxes twice. Once using the standard rules and another time using the Alternative Minimum Tax. Then you have to pay whichever tax bill is higher.

Filing status	Exemption amount	Begins to phaseout at
Single	$81,300	$578,150
Married filing jointly	$126,500	$1,156,300

Long-term capital gains tax rates

When you venture into the stock market and make money on your investments, Uncle Sam wants some of your profits. If you had the asset for over a year, you may owe 0%, 15% or 20% depending on your income.

Filing Status	0% Tax Rate	15% Tax Rate	20% Tax Rate
Single	Up to $44,625	$44,626 – $492,300	Over $492,300
Head of household	Up to $59,750	$59,751 – $523,050	Over $523,050
Married filing jointly	Up to $89,250	$89,251 – $553,850	Over $553,850
Married filing separately	Up to $44,625	$44,626 – $492,300	Over $492,300