Koerner & Koerner, P.A. > Tax Center

2023 Federal Individual Income Tax Rates
Single Individuals:
Taxable Income
Over	But Not Under	Tax
$0	$11,000	10%
$11,001	$44,725	12%
$44,726	$85,375	22%
$95,376	$182,101	24%
$182,101	$231,250	32%
$232,251	$578,125	35%
$578,126	And Over	37%
Joint Returns and Surviving Spouses:
Taxable Income
Over	But Not Under	% on Excess
$0	$22,000	10%
$22,001	$89,450	12%
$89,451	$190,750	22%
$190,751	$364,200	24%
$364,201	$462,500	32%
$462,501	$693,750	35%
$692,751	And Over	37%
Heads of Households:
Taxable Income
Over	But Not Under	% on Excess
$0	$15,750	10%
$15,751	$59,850	12%
$59,851	$95,350	22%
$95,351	$182,100	24%
$182,101	$231,250	32%
$231,251	$578,100	35%
$578,101	And Over	37%
Married Filing Separately:
Taxable Income
Over	But Not Under	% on Excess
$0	$11,000	10%
$11,001	$44,725	12%
$44,726	$85,375	22%
$95,376	$182,101	24%
$182,101	$231,250	32%
$232,251	$578,125	35%
$578,126	And Over	37%

2023 Retirement Plan Contribution Limits
Plan Type	Under Age 50	Over Age 50
401(k), 403(b), most 457, Salary Reduction SEP	$22,500	$30,000
SIMPLE	$15,500	$19,000
IRA (Traditional/Roth)	$6,500	$7,500
Phase Outs	Phase Out Range
Traditional IRA Deduction Phase Outs:	Modified Adjustment Income
Married Filing Joint	$116,000	$136,000
Married Filing Joint - One Spouse is Covered at Work	$218,000	$228,000
Single Or Head of Household	$73,000	$83,000
Married or Filing Separately		$10,000
Roth IRA Contribution Phase Outs:	Modified Adjustment Income
Married Filing Joint	$218,000	$228,000
Single	$138,000	$153,000
Employer-sponsored plans may have additional contribution limits. Not all employer plans allow the higher contributions amount for those aged 50 and older.The IRA limitation caps a person's combined contributions to traditional and Roth IRAs for the year.

2023 Alternate Minimum Tax (AMT) Exemptions
Unmarried Individuals	$81,300
Married Filing Jointly	$126,500

2023 Individual Retirement Accounts (IRAs)
Participant of Employer Retirement Plan:
Filing Status	Modifed AGI	Deduction
Single or Head of Household	$73,000 or less	Full up to limit
	$73,001 - $83,000	Partial
	$83,000 or more	No deduction
Joint or Surviving Spouse	$116,000 or less	Full up to limit
	$116,001 - $136,000	Partial
	$136,000 or more	No deduction
Married Filing Separately	less than $10,000	Partial
	$10,000 or more	No deduction
One Spouse Participates - One Does Not:
Filing Status	Modified AGI	Deduction
Married Filing Jointly	$218,000 or less	Full up to limit
	$218,001 - $228,000	Partial
	$228,000 or more	No Deduction
Married Filing Separately	less than $10,000	Partial
	$10,000 or more	No deduction

2023 Retirement Plan Contribution Limits
Plan Type	Under Age 50	Over Age 50
IRA (Traditional & Roth)	$6,500	$7,500

2023 Standard Deduction and Itemized
Standard Deduction
Single	$13,850
Married Filing Jointly	$27,700
Head of Household	$20,800
Married Filing Separately	$13,850
Additional Amount for Aged or Blind
Single	$1,850
Married Filing Jointly	$1,500
Standard Deduction for Dependent
Minimum	$1,250
Or Earned income plus	$400

Automobiles - 2023 Maximum Depreciation Deduction Based on 100% Business Use**
Year	Passenger Autos/ 1st Yr Bonus	Light Trucks and Vans, SUV's/1st Yr Bonus
1	$12,200/$20,200	$12,200/$20,200
2	$19,500	$19,500
3	$11,700	$11,700
4 and beyond	$6,960	$6,960
This limit includes claiming a §179 expense deduction. If the business use is less than 100%, you must reduce the maximum deduction above proportionately. Vehicles are eligible for 100% bonus depreciation if they are above 6,000 lbs.

Tax Rates