CLARION, Pa. (EYT) – Michael Patton Advising submitted the following article: Key Retirement and Tax Numbers for 2023.

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts.

Here are a few of the key adjustments for 2023:

Estate, Gift, and Generation-Skipping Transfer Tax

The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2023 is $17,000, up from $16,000 in 2022.

The gift and estate tax basic exclusion amount (and generation-skipping transfer tax exemption) for 2023 is $12,920,000, up from $12,060,000 in 2022.

Standard Deduction

A taxpayer can generally choose to itemize certain deductions or claim a standard deduction on the federal income tax return. In 2023, the standard deduction is:

• $13,850 (up from $12,950 in 2022) for single filers or married individuals filing separate returns
• $27,700 (up from $25,900 in 2022) for married joint filers
• $20,800 (up from $19,400 in 2022) for heads of household

Read Full Article Here: https://www.pattonadvising.com/Key-Retirement-and-Tax-Numbers-for-2023.c10034.htm

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