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What is the standard deduction for 2023?

For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

What tax brackets are rising in 2023?

It's the tax brackets — the actual income thresholds that determine those tax rates — that are rising. In 2023, the lowest income tax rate of 10% will apply to the first $11,000 a single-filing individual earns. This is up from a $10,275 cutoff in 2022. The top-earning single filers will pay the highest rate of 37% on incomes over $578,125 in 2023.

What is the tax bracket for a 2023 divorce?

The 24% bracket for the couple will kick in at $190,750, up from $178,150, and the highest 37% rate will hit taxable income exceeding $693,750, up from $647,850 in 2022. You can see all the 2023 income tax brackets on ordinary income (which includes salaries, self-employment income and interest) at the bottom of this post.

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