Tax Basics

2023 TAX RATES AND BRACKETS

FILING REQUIREMENTS

STANDARD DEDUCTION

2023 TAX RATES AND BRACKETS

Unmarried Filers		Married Filers		Rate
Over	But Not Over	Over	But Not Over
$0	$11,000	$0	$22,000	10.0%
$11,001	$44,725	$22,001	$89,450	12.0%
$44,726	$95,375	$89,451	$190,750	22.0%
$95,376	$182,100	$190,751	$364,200	24.0%
$182,101	$231,250	$364,201	$462,500	32.0%
$231,251	$578,125	$462,501	$693,750	35.0%
$578,126	or more	$693,751	or more	37.0%

FILING REQUIREMENTS

Filing Status	Age	Income
Single	Under 65 65 or Older	$13,850 $15,700
Head of House hold	Under 65 65 or Older	$20,800 $22,650
Married, filling jointly	Under 65 (both spouses) 65 or Older (one spouses) 65 or Older (both spouses)	$27,700 $29,200 $30,700
Married, filling separately	any age	$5
Qualitying widow(er)	under 65	$27,700
With dependent child	65 or older	$29,200
Self-Employed	any age	$600

STANDARD DEDUCTION

The standard deduction is a dollar amount that reduces the amount of income subject to tax. You cannot take the standard deduction if you are claiming itemized deductions. The amount of standard deduction is based on a taxpayer’s filing status. The standard deduction amount can change from year to year depending upon inflation. Higher Standard Deduction There is an additional deduction amount for taxpayers age 65 or older, are blind, or both. The additional amount for age will be allowed if you or your spouse is age 65 or older on the last day of the tax year. The IRS considers you 65 on the day before your birthday. The additional amount for blindness will be allowed if you or your spouse is totally or partly blind on the last day of the tax year.

Filing Status	Amount
Single	$13,850
Married filing joint returns/Qualifying Widow(er)	$27,700
Head of Household	$20,800
Married, filing separate return	$13,850
Dependent standard deduction minimum	$1,250-$13,850