Indexed Tax Tables for 2023
The federal tables below include the values applicable when determining federal taxes for 2023. They are published in Revenue Procedure 2022-38.
Federal Income Tax Schedules
Schedule X: Single Individuals
| Taxable Income* | Tax | % on Excess |
|---|---|---|
| $0 | $0 | 10 |
| 11,000 | 1,100 | 12 |
| 44,725 | 5,147 | 22 |
| 95,375 | 16,290 | 24 |
| 182,100 | 37,104 | 32 |
| 231,250 | 52,832 | 35 |
| 578,125 | 174,238.25 | 37 |
* Taxable income is equal to gross income minus deductions.
Example: Joan Smith, a single individual, has gross income of $110,000 in 2023. She has no dependents and claims a standard deduction because she lacks sufficient itemized deductions. Her taxable income is $96,150: $110,000 - $13,850 standard deduction. Her tax is $16,476: $16,290 + .24 x ($96,150 - $95,375).
Schedule Y-1: Married Filing Jointly and Surviving Spouses
| Taxable Income* | Tax | % on Excess |
|---|---|---|
| $0 | $0 | 10 |
| 22,000 | 2,200 | 12 |
| 89,450 | 10,294 | 22 |
| 190,750 | 32,580 | 24 |
| 364,200 | 74,208 | 32 |
| 462,500 | 105,664 | 35 |
| 693,750 | 186,601.50 | 37 |
* Taxable income is equal to gross income minus deductions.
Example: John and Joan Smith, a married couple who file jointly, have gross income of $250,000 in 2023. They claim a standard deduction because they lack sufficient itemized deductions. Their taxable income is $222,300: $250,000 - $27,700 standard deduction. Their tax is $40,152: $32,580 + .24 x ($222,300 - $190,750).
Schedule Y-2: Married Individuals Filing Separately
| Taxable Income* | Tax | % on Excess |
|---|---|---|
| $0 | $0 | 10 |
| 11,000 | 1,100 | 12 |
| 44,725 | 5,147 | 22 |
| 95,375 | 16,290 | 24 |
| 182,100 | 37,104 | 32 |
| 231,250 | 52,832 | 35 |
| 346,875 | 93,300.75 | 37 |
* Taxable income is equal to gross income minus deductions.
Example: Joan Smith, who is married and files separately from her husband, has gross income of $120,000 in 2023. She has no dependents and claims a standard deduction because she lacks sufficient itemized deductions. Her taxable income is $106,150: $120,000 - $13,850 standard deduction. Her tax is $18,876: $16,290 + .24 x ($106,150 - $95,375).
Schedule Z: Heads of Households
| Taxable Income* | Tax | % on Excess |
|---|---|---|
| $0 | $0 | 10 |
| 15,700 | 1,570 | 12 |
| 59,850 | 6,868 | 22 |
| 95,350 | 14,678 | 24 |
| 182,100 | 35,498 | 32 |
| 231,250 | 51,226 | 35 |
| 578,100 | 172,623.50 | 37 |
* Taxable income is equal to gross income minus deductions.
Example: Joan Smith, who files as a head of household, has gross income of $120,000 in 2023. She has no dependents and claims a standard deduction because she lacks sufficient itemized deductions. Her taxable income is $99,200: $120,000 - $20,800 standard deduction. Her tax is $16,526: $14,678 + .24 x ($99,200 - $95,350).
Federal Income Tax Table: Estates and Trusts
| Taxable Income* | Tax | % on Excess |
|---|---|---|
| $0 | $0 | 10 |
| 2,900 | 290 | 24 |
| 10,550 | 2,126 | 35 |
| 14,450 | 3,491 | 37 |
* Taxable income is equal to gross income minus deductions.
Federal Income Tax Table: Estates and Trusts
January 1, 2023 - December 31, 2023
| Seller Had Owned the Asset for 1 Year or More | Taxpayer Filing Status | |||
|---|---|---|---|---|
| Single | Married Filing Jointly | Head of Household | Married Filing Separately | |
| 0% rate | <$44,625 | <$89,250 | <$59,750 | <$44,625 |
| 15% rate | $44,625-$492,300 | $89,250-$553,850 | $59,750 -$523,050 | $44,625-$276,900 |
| 20% rate (a) | >$492,300 | >$553,850 | >$523,050 | >$276,900 |
| Seller Had Owned the Asset for Less than 1 Year | Seller pays same tax rate as on earned income. | |||
Note: The rate is 28% for long-term gains from sales of art works and other collectibles.
(a) Tax on capital gain will include the 3.8% net investment income tax when the seller's MAGI exceeds the applicable threshold. This tax is likely to apply to sellers in the 20% capital gain tax bracket, which would increase their effective rate to 23.8%.
Standard Deduction
| Married filing jointly and surviving spouses | Married filing separately | Head of household | Single |
|---|---|---|---|
| $27,700 | $13,850 | $20,800 | $13,850 |
Single filers age 65 or older who are not surviving spouses may increase their standard deduction by $1,850 and married filing jointly filers may increase their standard deduction by $1,500 for each spouse age 65 or older. The same increases are available for filers who are legally blind.
Unified Gift and Estate Tax Credit
| Amount of Credit | Amount of Exemption Equivalent |
|---|---|
| $5,113,800 | $12,920,000 |
Annual Gift Tax Exclusion
The federal annual gift tax exclusion equals $10,000 per person, indexed from 1998 and rounded down to the nearest $1,000. For 2023, the annual gift tax exclusion is $17,000.
Generation Skipping Tax Lifetime Exemption
The generation skipping tax lifetime exemption for 2023 is $12,920,000.
