New tax brackets and standard deductions are now in effect, potentially boosting paychecks and lowering income tax for many Americans, who enter the new year still reeling from sky-high prices.
for determining eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2023, the IRS said.standard deduction for married couples filing jointly will be $27,700, up $1,800 from the deduction for the 2022 tax year.
While tax rates remain the same, the income limits for each tax rate are different.For example, if you were earning $90,000 a year in 2022 your top tax rate was 24%. In 2023, it's 22%.The IRS also announced in October that it was raising the limit for 2023 contributions to health flexible spending arrangements to $3,050, up from $2,850 for 2022.
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