Confused about tax filing deadlines for 2023? What about possible deductions? Each year, there are important dates and other key financial information you need to know.
Important Dates for 2023
| Date | Importance |
| April 15 | Deadline to establish a 2022 SEP plan1 |
| April 18 | “Tax Day” — the deadline to file Form 1040 or request extension1 |
| April 18 | 2022 contribution deadline for Roth IRAs, traditional IRAs1 |
| April 18 | 2022 contribution deadline for Health Savings Accounts (HSAs)1 |
| April 18 | 2022 contribution deadline for Solo 401(k)s, SEPs and Keoghs1 |
| April 18 | Deadline to correct excess IRA and/or qualified plan contributions1 |
| April 18 | First installment of estimated taxes due for 20231 |
| June 15 | Second installment of estimated taxes due for 20231 |
| September 15 | Third installment of estimated taxes due for 20231 |
| October 16 | Deadline to file Form 1040 for those who requested extension1 |
| October 16 | Deadline to characterize ineligible IRA contributions made for TY 20221 |
| December 31 | Deadline for IRA/qualified plan RMDs1 |
| December 31 | 2023 employee contribution deadline for 401(k) plans1 |
| December 31 | Deadline to settle a capital loss or gain transaction1 |
| December 31 | Deadline to establish/fund a 2023 solo 401(k)1 |
Federal Income Tax Brackets & Rates2
| Rate | Single | Married Joint | Head of Household |
| 10% | $0 – $11,000 | $0 – $22,000 | $0 – $15700 |
| 12% | $11,001 – $44,725 | $22,001 – $89450 | $15,701 – $59,850 |
| 22% | $44,726 – $95,375 | $89,451 – $190,750 | $59,851 – $93,350 |
| 24% | $95,376 – $182,100 | $190,751 – $364,200 | $95,351 – $182,100 |
| 32% | $182,101 – $231,250 | $364,201 – $462,500 | $182,101 – $231,250 |
| 35% | $231,251 – $578,125 | $465,501 – $693, 750 | $231,251 – $578,100 |
| 37% | $578,126 and up | $693,751 and up | $578,101 and up |
Standard Deductions2
| Filing Status | Standard Deduction |
| Single | $13,850 |
| Head of Household | $20,800 |
| Married Filing Jointly | $27,700 |
Alternative Minimum Tax Exemptions2
| Filing Status | Exemption Amount | Exemption Amount Phases Out At | 28% Tax Rule Applies For Income Over |
| Single | $75,900 | $539,900 | $206,100 |
| Married Filing Jointly | $118,100 | $1,079,800 | $206,100 |
| Married Filing Separately | $59,050 | $539,900 | $103,050 |
| Trusts and Estates | $26,500 | $88,300 | $206,100 |
Qualified Dividents & Long-Term Capital Gains
| Bracket | Single | Married Filing Jointly |
| 0% | $0 – $44,625 | $0 – $89,250 |
| 15% | $44,626 – $492,300 | $89,251 – $533,850 |
| 20% | $492,301 and up | $553,851 and up |
| Married Filing Separately | Head of Household | |
| 0% | $0 -$ 44,625 | $0 – $59,750 |
| 15% | $44,626 – $276,900 | $59,751 – $523,050 |
| 20% | $276,901 and up | $523,051 and up |
3.8% Net Investment Tax3
| Filing Status | Threshold Amount |
| Single | $200,000 |
| Head of household* | $200,000 |
| Married filing jointly | $250,000 |
| Married filing separately | $125,000 |
| Qualifying widow(er)** | $250,000 |
Education Tax Benefits4,5,6
| Benefit | Income Phase-Outs Begin At | |
| Education Savings Bond Program | Cash in bods tax-free (limited to amount of qualified expense) | $85,800 MAGI*** ($128,500 MAGI for joint filers) |
| American Opportunity Tax Credit | Credit of $2,500 (max) per eligible student* | $80,000 MAGI*** ($160,000 MAGI for joint filers)**** |
| Lifetime Learning Credit | Credit of up to $2,000** | $80,000 MAGI*** ($160,000 for joint filers)**** |
| Coverdell Education Savings Account | Tax-free earnings for qualified expenses (contribute up to $2,000 annually) | $95,000 MAGI*** ($190,000 MAGI for joint filers) |
Estate Tax Rates7
| Amount of Taxable Estate | Estate Tax Amount | Plus This % On Amount In Excess of Lower Limit |
| $0 – $10,000 | $0 | 18% |
| $10,001 – $20,000 | $1,800 | 20% |
| $20,001 – $40,000 | $3,800 | 22% |
| $40,001 – $60,000 | $8,200 | 24% |
| $60,001 – $80,000 | $13,000 | 26% |
| $80,001 – $100,000 | $18,200 | 28% |
| $100,001 – $150,000 | $23,800 | 30% |
| $150,001 – $250,000 | $23,800 | 30% |
| $250,001 – $500,000 | $70,800 | 34% |
| $500,001 – $750,000 | $155,800 | 37% |
| $750,001 – $1,000,000 | $248,300 | 39% |
| $1,000,000 and up | $345,800 | 40% |
Estate and Gift Tax Exclusions, Exemptions2,8
| Amount | |
| Unified Estate and Gift Tax Exemption | $12,920,000 |
| Generation-Skipping (GST) Tax Exemption | $12,920,000 |
| Annual Exclusion Amount (AEA) for Gifts | $17,000 |
| AEA for Gifts to non-U.S. Citizen Spouse | $175,000 |
Social Security9
| Full retirement age (depending on year born) | 66/67 |
| Maximum possible monthly benefit (at FRA) | $3,627 |
| Retirement earnings exempt amounts based on normal retirement age (FRA) | $21,240/year under FRA $56,520/year NRA reached No limit after FRA |
Social Security Taxable Benefits10
| Filing Status | Provisional Income | S.S. Amount Subject to Tax |
| Single, HOH, Qualifying Widow(er)** | $0 – $25,000 $25,001 – $34,000 $34,001+ | $0 Up to 50% Up to 85% |
| Married Filing Jointly | $0 – $32,000 $32,001 – $44,000 $44,001+ | $0 Up to 50% Up to 85% |
| Married Filing Separately (Living Together) | $0+ | Up to 85% |
Retirement Plan Contribution Limits11,12
| Contribution Limit | Catch-Up Contribution Limit | |
| 401(k), 403(b), 457, Thrift Savings Plan* | $22,500 | $7,500 |
| IRA and Roth IRA | $6,500 | $1,000 |
| Simple IRA | $15,500 | $3,500 |
| Solo 401(k) | $66,000 | $7,500 |
| Simplified Employee Pension (SEP-IRA) | $66,000 | $7,500*** |
Income Limits11,13
| Limit or Phase-Outs for Individual Filers | Limit or Phase-Outs for Married (Joint) Filers | |
| Traditional IRA | $73,000 – $83,000 | $116,000 – $136,000 |
| Roth IRA | $138,000 – $153,000 | $218,000 – $228,000 |
| Retirement Saver’s Card | $36,500 ($54,750 if HOH) | $73,000 |
Medicare Costs14
| Premium | |
| Part A | $506* |
| Part B | $164.90** |
| Part C | Varies by plan |
| Part D | Varies by plan/income |
Medicare Deductibles & Coinsurance14
| Amount | |
| Part A Deductible (per benefit period) | $1,600 |
| Coinsurance, Days 1 – 60 | $0 |
| Coinsurance, Days 61 – 90 | $400* |
| Coinsurance, Days 91+ | $800** |
| Part B Deductible (per year) | $226*** |
Health Savings Accounts, High Deductible Health Plans15
| Individual | Family | Catch-Up Contribution | |
| HSA Contribution Limit | $3,850 | $7,750 | $1,000 |
| HDHP Minimum Deductible | $1,500 | $3,000 | N/A |
| HDHP Max. Out-of-Pocket Amount | $7,500 | $15,000 | N/A |
| ACA Out-of-Pocket Limit for HDHPs | $9,100 | $18,200 | N/A |
Extended Care Coverage Deductibility Limits2
| Age (reached prior to close of tax year) | Maximum Deduction for Year |
| Up to 40 | $480 |
| 40 – 50 | $890 |
| 50 – 60 | $1,790 |
| 60 – 70 | $4,770 |
| 70+ | $5,960 |
Sources
1. https://www.irs.gov/pub/irs-pdf/p509.pdf
2. https://www.irs.gov/pub/irs-drop/rp-23-28.pdf
3. https://www.irs.gov/newsroom/questions-and-answers-on-the-net-investment-income-tax
4. https://www.investopedia.com/terms/e/education-credit.asp
5. https://www.irs.gov/pub/irs-pdf/f8815.pdf
6. https://www.investopedia.com/terms/c/coverdellesa.asp
7. https://www.irs.gov/instructions/i706
8. https://www.investopedia.com/terms/f/form-706.asp
9. https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf
10. https://www.irs.gov/publications/p554#en_US_2021_publink10043585
11. https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500
12. https://www.irs.gov/retirement-plans/one-participant-401k-plans
13. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps
Spectrum Wealth Counsel, doing business as Spectrum Wealth Management, LLC, is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Additional information about Spectrum’s investment advisory services is found in Form ADV Part 2, which is available upon request. The information presented is for educational and illustrative purposes only and does not constitute tax, legal, or investment advice. Tax and legal counsel should be engaged before taking any action. The opinions expressed and material provided are for general information and should not be considered a solicitation for purchasing or selling any security.