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Tax season can be a stressful time for many people. With the new tax year just around the corner, it’s important to stay up-to-date on the current tax brackets and laws. The 2023 tax brackets are expected to be a bit different than the current ones, so it’s important to know what to expect.
The 2023 tax brackets will be based on the current tax code, which was put into place by the Tax Cuts and Jobs Act of 2017. This act changed the way taxes are calculated, and it affects all income levels. The 2023 tax brackets are expected to look like this:
10% – For couples filing jointly with a combined income of up to $19,400
12% – For couples filing jointly with a combined income of $19,401 to $78,950
22% – For couples filing jointly with a combined income of $78,951 to $168,400
24% – For couples filing jointly with a combined income of $168,401 to $321,450
32% – For couples filing jointly with a combined income of $321,451 to $408,200
35% – For couples filing jointly with a combined income of $408,201 to $612,350
37% – For couples filing jointly with a combined income of $612,351 or more
These brackets are slightly different from the current ones, but the changes are not overly drastic. It’s important to note that the 2023 tax brackets are subject to change, so it’s important to stay up-to-date on any changes that may occur.
For singles, the tax brackets look like this:
10% – For single filers with an income of up to $9,700
12% – For single filers with an income of $9,701 to $39,475
22% – For single filers with an income of $39,476 to $84,200
24% – For single filers with an income of $84,201 to $160,725
32% – For single filers with an income of $160,726 to $204,100
35% – For single filers with an income of $204,101 to $510,300
37% – For single filers with an income of $510,301 or more
It’s important to remember that these tax brackets are only estimates, and they may change before the 2023 tax season. It’s also important to note that the tax brackets are only one part of the equation when it comes to taxes. Other factors such as deductions and credits can affect your tax liability as well.
For more information on the 2023 tax brackets and other tax-related topics, it’s important to consult a tax professional. They can help you understand the current tax laws and how they may affect your tax liability. They can also help you plan for the upcoming tax season and make sure you’re taking advantage of all the deductions and credits available to you.
That IS great stuff!
Dealing with the inflation, should one still go for pre tax or post tax contributions?
I don’t think I’d mind paying 15% long term capital gains if I can sneak Roth conversions at 12%. But I definitely want to pay 22% on anything.
Hi PAWblo thanks Josh
Nice basic and simple explanation of how the code gets used in the real world.
Many folks simply put a blind fold on and hold their breath! Better to have a basic understanding.
Next: simplify the American Opportunity Credit, how it interacts with the Child Tax Credit, 529 reimbursements and Federal Student Loans!
‘Kidding by- not possible in 6 minutes. 😉
Nobody in YouTube land will touch that one with a ten foot pole… so far.
Thankyou Josh
Great information Josh, Thanks! Anything else you have on the tax code for seniors would be appreciated!
Josh, why would you pay a 22/24% marginal tax on a Roth conversions today if you know that in retirement you will be able to withdrawal at a 0/12% effective rate?
Josh, thank you again, love your advice
Just got your book Tax Bomb in Retirement. Thank you for the hard work.
All of your IRA to Roth if going above the 12% tax bracket is such a big jump.
Did I have an epiphany due to your video, Josh, or am I confused? I think this may be the way around doing ROTH conversions, to some extent. Here is the idea; withdraw the max amount possible from taxable accounts while remaining in the 12% tax bracket, deposit yearly expense amount into checking and put the remainder into a brokerage/savings/CD etc account for use later? Thanks for sharing your knowledge and expertise!
"Josh you don't know what your talking about, you're so dumb." They would be wrong.
My understanding is that 2023 HSA contributions can give you an even extra $9750 of deductions if you contribute the maximum and you and your spouse are age eligible for the extra $1000 contributions.
Great stuff here.
I guess I’m guilty of being a numbers geek. I actually like this stuff!
Josh, you are the man! Thanks for another tax tip… +1500 at 65 for me and my spouse! I hit 65 this year, wife next year. Will adjust my plan!
Am I understanding correctly that as a single person as long as my AGI is $58,575 or less I will fall in the 12% tax bracket?
Good information. Are you still accepting clients ?
Where I messed up, during all of the planning I assumed the future would be married filing jointly. It takes 2 to stay married and only 1 to divorce even when you've been married almost 40 years. I did know at the time I was getting tax deferred and she was getting tax paid, even talked to my divorce attorney about it but, I just wanted it over and done. RMDs are going to get me and my only hope may be that the medical deductions will reduce my taxes or the markets will crash. I guess what I'm saying is, if you're married filing jointly, realize that can change.
Love you videos. Down to earth and to the point. Cuts off all the Bul…t other want to push down your throat!!! Not sure if you’ve made a video about it, but would love to see something addressing a step by step plan on how to plan an early retirement. Say, start planning 2 years out to retire by the end of the calendar year at age 55, not gonna touch ira until start of age 60, have cash to live off until then, will sell house and live in 2nd home already paid off. Plan to travel and have no debt. Where do you start to get to the best of all worlds by that retirement moment??
Good stuff!
Good stuff! Can I withdraw from my regular IRA and give that as a gift without being taxed? Does the person who receives the gift have to claim it as taxable income? Thanks in advance.
Wait until the democrats start taxing gains on Roth accounts. I have seen this idea floated around
Fair tax bill will blow your plan up
I appreciate the information. Very valuable.