Welcome back to Powering Your Retirement Radio.
Here are some key tax numbers for 2023 to keep in mind:
- The standard deduction for individuals is $12,550 and $25,100 for married couples filing jointly.
- The personal exemption has been suspended.
- The top marginal tax rate for individuals is 37%.
- The income threshold for the 37% tax bracket is $518,400 for single filers and $622,050 for married couples filing jointly.
- The long-term capital gains tax rate for individuals in the top bracket is 20%.
- The annual contribution limit for 401(k) plans is $19,000 for those under 50 and $25,000 for those 50 and older.
- The annual contribution limit for a traditional or Roth IRA is $6,000 for those under 50 and $7,000 for those 50 and older.
- The estate tax exemption is $11.7 million per individual.
It's important to note that these numbers are subject to change and that you should consult with a tax professional or the IRS for the most up-to-date information and advice on your specific situation.
For more information please visit the podcast's website: https://poweringyourretirement.com/2023/01/12/2023-tax-numbers-to-know/
