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Our commitment to delivering valuable and comprehensive resources to our clients is a key principle to the benefits consulting and advisory strategy of our firm. Please find the 2023 and 2022 tax tables below and reach out to your USICG representative if you have any questions.

2023

2023

  Single Married, Filing Jointly Married, Filing Separately Estates and Trusts
Exemption $81,300 $126,500 $63,250 $28,400
28% on Excess $220,700 $220,700 $110,350 $220,700
Phase-out Begins $578,150 $1,156,300 $578,150 $94,600

2023

  Individuals Head of Household Married,
Filing Jointly		 Married,
Filing Separately		 Estates and Trusts
0% $0-$44,625 $0-$59,750 $0-$89,250 $0-$44,625 $0-$3,000
15% $44,626-492,300 $59,751-523,050 $89,251-553,850 $44,626-276,900 $3,001-$14,650
20% Over $492,300 Over $523,050 Over $553,850 Over $276,900 Over $14,650

2023

The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.

Estate Tax Exclusion Amount Federal Credit Gift Tax Exclusion
2023 $12,920,000 $5,113,800 $12,920,000
States with Estate or Inheritance Taxes
CT, DC, HI, IL, IA, KY, ME, MD, MA, MN, NE, NJ, NY, OR, PA, RI, VT, WA.

 

Other Estate and Gift Planning Ideas 2023
Annual gift tax exclusion $17,000
Annual gift tax exclusion for non-U.S. citizen spouses $175,000
Generation-skipping tax (GST) exemption $12,920,000
IRC §6166 2% limit for deferred estate tax payments $1,750,000
Special use valuation for qualified real property $1,310,000

2023

Single Rate
$0-$11,000 10%
$11,000-$44,725 12%
$44,725-$95,375 22%
$95,375-$182,100 24%
$182,100-$231,250 32%
$231,250-$578,125 35%
Over $578,125 37%
Married, Filing Jointly Rate
$0-$22,000 10%
$22,000-$89,450 12%
$89,450-$190,750 22%
$190,750-$364,200 24%
$364,200-$462,500 32%
$462,500-$693,750 35%
Over $693,750 37%
Head of Household Rate
$0-$15,700 10%
$15,700-$59,850 12%
$59,850-$95,350 22%
$95,350-$182,100 24%
$182,100-$231,250 32%
$231,250-$578,100 35%
Over $578,100 37%
Married, Filing Separately Rate
$0-$11,000 10%
$11,000-$44,725 12%
$44,725-$95,375 22%
$95,375-$182,100 24%
$182,100-$231,250 32%
$231,250-$346,875 35%
Over $346,875 37%
Estates and Trusts Rate
$0-$2,900 10%
$2,900-$10,550 24%
$10,550-$14,450 35%
Over $14,450 37%
Standard Deduction Rate
Single $13,850
Married, Filing Jointly $27,700
Head of Household $20,800
Married, Filing Separately $13,850

Corporations

  • Corporations are taxed at a flat 21%.
  • No special personal service corporation rate.
  • Corporate Alternative Minimum Tax repealed.
  • Higher capital gain tax obsolete.
  • Section 179 depreciation up to $1,160,000. Phaseout $2,890,000. SUV: $28,900.
  • Temporary expensing for large companies available.
  • Like-kind exchanges limited to real property not held primarily for sale.
  • Pass-through entity tax treatment—deductible amount is the lesser of:
    (a) 20% of the taxpayer’s qualified business income, or
    (b) the greater of: (1) 50% of the W-2 wages, or (2) the sum of 25% of the
    W-2 wages and 2.5% of the unadjusted basis of all qualified property.
  • Qualified Business Income deduction (Section 199A) phaseout for high earners in professional fields. $364,200 – $464,200 (MFJ);
    $182,100– $232,100 (Others)
  • Hedge fund carried interest holding period increased to 3 years.

2023

Single Married Part B Premium Part D IRMAA
$97,000 or less $194,000 or less $164.90 $0
$97,000-$123,000 $194,001-$246,000 $230.80 $12.20
$123,001-$153,000 $246,001-$306,000 $329.70 $31.50
$153,001-$183,000 $306,001-$366,000 $428.60 $50.70
$183,001-$500,000 $366,001-$750,000 $527.50 $70.00
Over $500,000 Over $750,000 $560.50 $76.40

*Part D premium determined by vendor. IRMAA surcharge added to vendor premium.

2023

IRA Amount
IRA Contribution (under 50) $6,500
IRA Contribution (50 and older) $7,500
Single or HOH phase-out $73,000-$82,999
Married, Filing Jointly $116,000-$135,999
Married, Filing Separately $0-$10,000
Spousal IRA $218,000-$227,999
Catch-Up (age 50 and over only) $1,000
Phase-Out of Roth IRA Contribution Eligibility Amount
Single phase-out $138,000-$153,000
Married, Filing Jointly $218,000-$228,000
Married, Filing Separately $0-$10,000
SEP Rate
SEP Contribution Up to 25% of compensation ($66,000 limit)
Minimum Compensation Participant $750
SIMPLE Amount
SIMPLE elective deferral (under 50) $15,500
SIMPLE elective deferral (50 and older) $19,000
Other Qualified Plans Amount
401(k), 403(b),
Governmental 457(b), SARSEP elective deferral (under age 50)		 $22,500
401(k), 403(b),
Governmental 457(b), SARSEP elective deferral (age 50 and older)		 $30,000
Limit on additions to defined contribution plans $66,000
Annual benefit limit on defined benefit plans $265,000
Highly compensated employee makes $150,000
Maximum compensation taken into account for qualified plans $330,000
HSA contribution individual coverage $3,850
HSA contribution family coverage $7,750
Individual 401(K) Amount
Employer Contribution Up to 25% of compensation
Employee Salary Deferral (under 50) $22,500
Employee Salary Deferral (50 and older) $30,000
Total Employer and Employee $66,000
($73,500 age 50 and older)

Required Minimum Distributions

Current Age Distribution Period Current Age Distribution Period
72 27.4 97 7.8
73 26.5 98 7.3
74 25.5 99 6.8
75 24.6 100 6.4
76 23.7 101 6.0
77 22.9 102 5.6
78 22.0 103 5.2
79 21.1 104 4.9
80 20.2 105 4.6
81 19.4 106 4.3
82 18.5 107 4.1
83 17.7 108 3.9
84 16.8 109 3.7
85 16.0 110 3.5
86 15.2 111 3.4
87 14.4 112 3.3
88 13.7 113 3.1
89 12.9 114 3.0
90 12.2 115 2.9
91 11.5 116 2.8
92 10.8 117 2.7
93 10.1 118 2.5
94 9.5 119 2.3
95 8.9 120+ 2.0
96 8.4    

As of January 1, 2022, the new life expectancy tables updated to reflect current mortality experience are in effect.

Traditional IRA Deductibility Rules

Filing Status Covered by Employer's
Retirement Plan?		 Modified AGI 2023 2023 Deductibility
Single No Any Amount Full deduction
Yes $73,000 or less Full deduction
$73,001-$82,999 Partial deduction
$83,000 or more No deduction
Married Filing Jointly Neither Spouse Covered Any Amount Full deduction
Both Spouses Covered $116,000 or less Full deduction
$116,001-$135,999 Partial deduction
$136,000 or more No deduction
One Spouse Covered for Covered Spouse $116,000 or less Full deduction
$116,001-$135,999 Partial deduction
$136,000 or more No deduction
One Spouse Covered for
Non-Covered Spouse		 $218,000 or less Full deduction
$218,001-$227,999 Partial deduction
$228,000 or more No deduction

 

2023

Social Security Amount
Maximum earnings (during working years) subject to payroll tax $160,200
Social Security Payroll Tax Employees pay 7.65%
Self-employed pay 15.30%
Additional 0.9% high-income paytoll tax for wages in excess of:
Single or HOH $200,000
Married, Filing Jointly $250,000
Married, Filing Separately $125,000

*For Medicare's Hospital Insurance (HI) program, tax rates under the HI program are 1.45% for employees and employers, each, and 2.90% for self-employed persons.

  • Employees/Employers: 6.2% Social Security Tax + 1.45% Medicare  Tax = 7.65% total
  • Self-employed: 12.40% Social Security Tax + 2.90% Medicare Tax = 15.30% total


2022

2022

  Single Married, Filing Jointly Married, Filing Separately Estates and Trusts
Exemption $75,900 $118,100 $59,050 $26,500
28% on Excess $206,100 $206,100 $103,500 $206,100
Phase-out Begins $539,900 $1,079,800 $539,900 $88,300

2022

  Individuals Head of Household Married,
Filing Jointly		 Married,
Filing Separately		 Estates and Trusts
0% $0-$41,675 $0-$55,800 $0-$83,350 $0-$41,675 $0-$2,800
15% $41,675-$459,740 $55,800-$488,500 $83,350-$517,200 $51,675-$258,600 $2,800-$13,700
20% Over $459,750 Over $488,500 Over $517,200 Over $258,600 Over $13,700
28% Collectibles        

2022

The top tax rate applicable to estates and living gifts will be subject to a maximum tax rate of 40%.

Estate Tax Exclusion Amount Federal Credit Gift Tax Exclusion
2022 $12,060,000 $4,769,800 $12,060,000

 

States with Estate or Inheritance Taxes
CT, DC, HI, IL, IA, KY, ME, MD, MA, MN, NE, NJ, NY, OR, PA, RI, VT, WA.

 

Other Estate and Gift Planning Ideas 2022
Annual gift tax exclusion $16,000
Annual gift tax exclusion for non-U.S. citizen spouses $164,000
Generation-skipping tax (GST) exemption $12,060,000
IRC §6166 2% limit for deferred estate tax payments $1,640,000
Special use valuation for qualified real property $1,230,000

2022

Single Rate
$0-$10,275 10%
$10,275-$41,775 12%
$41,775-$89,075 22%
$89,075-$170,050 24%
$170,050-$215,950 32%
$215,950-$539,900 35%
Over $539,900 37%
Married, Filing Jointly Rate
$0-$20,550 10%
$20,550-$83,550 12%
$83,550-$178,150 22%
$178,150-$340,100 24%
$340,100-$431,900 32%
$431,900-$647,850 35%
Over $647,850 37%
Head of Household Rate
$0-$14,650 10%
$14,650-$55,900 12%
$55,900-$89,050 22%
$89,050-$170,050 24%
$170,050-$215,950 32%
$215,950-$539,900 35%
Over $539,900 37%
Married, Filing Separately Rate
$0-$10,275 10%
$10,275-$41,775 12%
$41,775-$89,075 22%
$89,075-$170,050 24%
$170,050-$215,950 32%
$215,950-$323,925 35%
Over $323,925 37%
Estates and Trusts Rate
$0-$2,750 10%
$2,750-$9,850 24%
$9,850-$13,450 35%
Over $13,450 37%
Standard Deduction Rate
Single $12,950
Married, Filing Jointly $25,900
Head of Household $19,400
Married, Filing Separately $12,950

Corporations

  • Corporations are taxed at a flat 21%.
  • No special personal service corporation rate.
  • Corporate Alternative Minimum Tax repealed.
  • Higher capital gain tax obsolete.
  • Section 179 depreciation up to $1,080,000. Phaseout $2,700,000. SUV: $27,000.
  • Temporary expensing for large companies available.
  • Like-kind exchanges limited to real property not held primarily for sale.
  • Pass-through entity tax treatment—deductible amount is the lesser of:
    (a) 20% of the taxpayer’s qualified business income, or
    (b) the greater of: (1) 50% of the W-2 wages, or (2) the sum of 25% of the
    W-2 wages and 2.5% of the unadjusted basis of all qualified property.
  • Deduction phaseout for high earners in professional fields. $340,100 – $440,100 (MFJ);
    $170,050 – $220,050 (Others)
  • Hedge fund carried interest holding period increased to 3 years.

2022

Single Married Part B Premium Part D IRMAA
$91,000 or less $182,000 or less $170.10 $0
$91,000-$114,000 $182,001-$228,000 $238.10 $12.40
$114,001-$142,000 $228,001-$284,000 $340.20 $32.10
$142,001-$170,000 $284,001-$340,000 $442.30 $51.70
$170,001-$500,000 $340,001-$750,000 $544.30 $71.30
Over $500,000 Over $750,000 $578.30 $77.90

*Part D premium determined by vendor. IRMAA surcharge added to vendor premium.

2022

IRA Amount
IRA Contribution (under 50) $6,000
IRA Contribution (50 and older) $7,000
Single or HOH phase-out $68,000-$78,000
Married, Filing Jointly $109,000-$129,000
Married, Filing Separately $0-$10,000
Spousal IRA $204,000-$214,000
Catch-Up (age 50 and over only) $1,000
Phase-Out of Roth IRA Contribution Eligibility Amount
Single phase-out $129,000-$144,000
Married, Filing Jointly $204,000-$214,000
Married, Filing Separately $0-$10,000
SEP Rate
SEP Contribution Up to 25% of compensation ($61,000 limit)
Minimum Compensation Participant $650
SIMPLE Amount
SIMPLE elective deferral (under 50) $14,000
SIMPLE elective deferral (50 and older) $17,000
Other Qualified Plans Amount
401(k), 403(b),
Governmental 457(b), SARSEP elective deferral (under age 50)		 $20,500
401(k), 403(b),
Governmental 457(b), SARSEP elective deferral (age 50 and older)		 $27,000
Limit on additions to defined contribution plans $61,000
Annual benefit limit on defined benefit plans $245,000
Highly compensated employee makes $135,000
Maximum compensation token into account for qualified plans $305,000
HSA contribution individual coverage $3,650
HSA contribution family coverage $7,300
Individual 401(K) Amount
Employer Contribution Up to 25% of compensation
Employee Salary Deferral (under 50) $20,500
Employee Salary Deferral (50 and older) $27,000
Total Employer and Employee $61,000
($67,500 age 50 and older)

Required Minimum Distributions

Current Age Distribution Period Current Age Distribution Period
72 27.4 97 7.8
73 26.5 98 7.3
74 25.5 99 6.8
75 24.6 100 6.4
76 23.7 101 6.0
77 22.9 102 5.6
78 22.0 103 5.2
79 21.1 104 4.9
80 20.2 105 4.6
81 19.4 106 4.3
82 18.5 107 4.1
83 17.7 108 3.9
84 16.8 109 3.7
85 16.0 110 3.5
86 15.2 111 3.4
87 14.4 112 3.3
88 13.7 113 3.1
89 12.9 114 3.0
90 12.2 115 2.9
91 11.5 116 2.8
92 10.8 117 2.7
93 10.1 118 2.5
94 9.5 119 2.3
95 8.9 120+ 2.0
96 8.4    

As of January 1, 2022, the new life expectancy tables updated to reflect current mortality experience are in effect.

Traditional IRA Deductibility Rules

Filing Status Covered by Employer's
Retirement Plan?		 Modified AGI 2022 2022 Deductibility
Single No Any Amount Full deduction
Yes $68,000 or less Full deduction
$68,001-$77,999 Partial deduction
$78,000 or more No deduction
Married Filing Jointly Neither Spouse Covered Any Amount Full deduction
Both Spouses Covered $109,000 or less Full deduction
$109,001-$128,999 Partial deduction
$129,000 or more No deduction
One Spouse Covered for Covered Spouse $109,000 or less Full deduction
$109,001-$128,999 Partial deduction
$129,000 or more No deduction
One Spouse Covered for
Non-Covered Spouse		 $204,000 or less Full deduction
$204,001-$213,999 Partial deduction
$214,000 or more No deduction

2022

Social Security Amount
Maximum earnings (during working years) subject to payroll tax $147,000
Social Security Payroll Tax Employees pay 7.65%*
Self-employed pay 15.30%*
Additional 0.9% high-income paytoll tax for wages in excess of:
Single or HOH $200,000
Married, Filing Jointly $250,000
Married, Filing Separately $125,000

*For Medicare's Hospital Insurance (HI) program, tax rates under the HI program are 1.45% for employees and employers, each, and 2.90% for self-employed persons.

  • Employees/Employers: 6.2% Social Security Tax + 1.45% Medicare  Tax = 7.65% total
  • Self-employed: 12.40% Social Security Tax + 2.90% Medicare Tax = 15.30% total
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