Michael Patton Advising: Key Retirement and Tax Numbers for 2023

exploreClarion

exploreClarion

Published March 18, 2023 4:23 am
Image

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

51 N. 4th Avenue
Clarion, PA 16214
814-226-9400
Toll-free 1-877-547-2751

building

Visit website: www.pattonadvising.com

Securities offered through Cetera Financial Specialists LLC, member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. Cetera entities are under separate ownership fhttps://www.exploreclarion.com/?p=353744rom any other entity.

(Photos by Dave Cyphert of ProPoint Media Photography)

Recent Articles

Community Partner