2020 - 2023 IRS Tax inflation [tax bracket] rates

2023

The tax year 2023 adjustments described below generally apply to tax returns filed in 2024.

The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. 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.

Marginal Rates

For tax year 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

The other rates are:

35% for incomes over $231,250 ($462,500 for married couples filing jointly);

32% for incomes over $182,100 ($364,200 for married couples filing jointly);

24% for incomes over $95,375 ($190,750 for married couples filing jointly);

22% for incomes over $44,725 ($89,450 for married couples filing jointly);

12% for incomes over $11,000 ($22,000 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).

2022

The tax year 2022 adjustments described below generally apply to tax returns filed in 2023.

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.

The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Marginal Rates:

For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).

The other rates are:

35%, for incomes over $215,950 ($431,900 for married couples filing jointly);

32% for incomes over $170,050 ($340,100 for married couples filing jointly);

24% for incomes over $89,075 ($178,150 for married couples filing jointly);

22% for incomes over $41,775 ($83,550 for married couples filing jointly);

12% for incomes over $10,275 ($20,550 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).

2021

The tax year 2021 adjustments described below generally apply to tax returns filed in 2022.

The standard deduction for married couples filing jointly for tax year 2021 rises to $25,100, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550 for 2021, up $150, and for heads of households, the standard deduction will be $18,800 for tax year 2021, up $150.

The personal exemption for tax year 2021 remains at 0, as it was for 2020; this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Marginal Rates:

For tax year 2021, the top tax rate remains 37% for individual single taxpayers with incomes greater than $523,600 ($628,300 for married couples filing jointly).

The other rates are:

35%, for incomes over $209,425 ($418,850 for married couples filing jointly);

32% for incomes over $164,925 ($329,850 for married couples filing jointly);

24% for incomes over $86,375 ($172,750 for married couples filing jointly);

22% for incomes over $40,525 ($81,050 for married couples filing jointly);

12% for incomes over $9,950 ($19,900 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $9,950 or less ($19,900 for married couples filing jointly).

2020

The tax year 2020 adjustments generally are used on tax returns filed in 2021.

The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300.

The personal exemption for tax year 2020 remains at 0, as it was for 2019, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Marginal Rates:

For tax year 2020, the top tax rate remains 37% for individual single taxpayers with incomes greater than $518,400 ($622,050 for married couples filing jointly).

The other rates are:

35%, for incomes over $207,350 ($414,700 for married couples filing jointly);

32% for incomes over $163,300 ($326,600 for married couples filing jointly);

24% for incomes over $85,525 ($171,050 for married couples filing jointly);

22% for incomes over $40,125 ($80,250 for married couples filing jointly);

12% for incomes over $9,875 ($19,750 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $9,875 or less ($19,750 for married couples filing jointly).

source: https://www.irs.gov/newsroom