Adoption credit
| Adoption credit |
2022 |
2023 |
| Maximum credit |
$14,890 |
$15,950 |
| Phaseout threshold amount |
$223,410 |
$239,230 |
| Completed phaseout amount after |
$263,410 |
$279,230 |
Alternative Minimum Tax (AMT)
| Maximum AMT exemption amount |
2022 |
2023 |
| Married filing jointly or surviving spouse |
$118,100 |
$126,500 |
| Single or head of household |
$75,900 |
$81,300 |
| Married filing separately |
$59,050 |
$63,250 |
| AMT income exemption phaseout threshold |
2022 |
2023 |
| Married filing jointly or surviving spouse |
$1,079,800 |
$1,156,300 |
| Single or head of household |
$539,900 |
$578,150 |
| Married filing separately |
$539,900 |
$578,150 |
| AMT tax rate (26% rate applies to AMTI at or below amount; 28% applies to AMTI above amount) |
2022 |
2023 |
| All taxpayers except married filing separately |
$206,100 |
$220,700 |
| Married filing separately |
$103,050 |
$110,350 |
Charitable deductions
| Use of auto |
2022 |
2023 |
| Deductible standard mileage rate |
$0.14 |
$0.14 |
| Charitable fundraising “insubstantial benefit” limitation |
2022 |
2023 |
| Low-cost article (re: unrelated business income) |
$11.70 |
$12.50 |
| Gifts to donor in return for contribution |
2022 |
2023 |
| Token gift maximum cost1 |
$11.70 |
$12.50 |
| Minimum contribution amount1 |
$58.50 |
$62.50 |
| 2% threshold amount2 |
$117 |
$125 |
1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum
2 Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution
Child tax credit
| Amount of credit |
2022 |
2023 |
| Maximum credit per qualifying child |
$2,000 |
$2,000 |
| Nonrefundable credit for dependents who are not qualifying children |
$500 |
$500 |
| Phaseout — credit reduced by $50 for each $1,000 or fraction thereof of MAGI over (but not to be reduced below $2,000): |
2022 |
2023 |
| Married filing jointly or surviving spouse |
N/A |
N/A |
| Head of household |
N/A |
N/A |
| Single or married filing separately |
N/A |
N/A |
| Phaseout — any remaining credit reduced by $50 for each $1,000 or fraction thereof of MAGI over: |
2022 |
2023 |
| Married filing jointly |
$400,000 |
$400,000 |
| All other filing status |
$200,000 |
$200,000 |
| Refundability — up to specified percentage of earned income in excess of specified amount1 |
2022 |
2023 |
| Percentage |
15% |
15% |
| Amount |
$2,500 |
$2,500 |
| Maximum refundable amount of credit |
$1,500 |
$1,600 |
Classroom expenses of elementary and secondary school teachers
| Classroom expense deduction |
2022 |
2023 |
| Maximum above-the-line deduction |
$300 |
$300 |
Earned income tax credit (EITC)
| Investment income limit |
2022 |
2023 |
| Excessive investment income limit (“disqualified income limit”) |
$10,300 |
$11,000 |
| Maximum amount of EITC per number of children |
2022 |
2023 |
| 0 children |
$560 |
$600 |
| 1 child |
$3,733 |
$3,995 |
| 2 children |
$6,164 |
$6,604 |
| 3 or more children |
$6,935 |
$7,730 |
| Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received) |
2022 |
2023 |
| 0 children |
$7,320 |
$7,840 |
| 1 child |
$10,980 |
$11,750 |
| 2 or more children |
$15,410 |
$16,510 |
| Threshold phaseout amount for joint filers per number of children |
2022 |
2023 |
| 0 children |
$15,290 |
$16,370 |
| 1 child |
$26,260 |
$28,120 |
| 2 children |
$26,260 |
$28,120 |
| 3 or more children |
$26,260 |
$28,120 |
| Threshold phaseout amount for other filers per number of children |
2022 |
2023 |
| 0 children |
$9,160 |
$9,800 |
| 1 child |
$20,130 |
$21,560 |
| 2 children |
$20,130 |
$21,560 |
| 3 or more children |
$20,130 |
$21,560 |
| Completed phaseout amount for joint filers per number of children |
2022 |
2023 |
| 0 children |
$22,610 |
$24,210 |
| 1 child |
$49,622 |
$53,120 |
| 2 children |
$55,529 |
$59,478 |
| 3 or more children |
$59,187 |
$63,398 |
| Completed phaseout amount for other filers per number of children |
2022 |
2023 |
| 0 children |
$16,480 |
$17,640 |
| 1 child |
$43,492 |
$46,560 |
| 2 children |
$49,399 |
$52,918 |
| 3 or more children |
$53,057 |
$56,838 |
Expatriation
| Covered expatriate |
2022 |
2023 |
| An individual with “average annual net income tax” of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of IRC §877A(g)(1) |
$178,000 |
$190,000 |
| IRC §877A(3) exclusion amount |
$767,000 |
$821,000 |
Foreign earned income
| Amount excluded from income |
2022 |
2023 |
| Exclusion amount |
$112,000 |
$120,000 |
Itemized deductions
| Phaseout threshold |
2022 |
2023 |
| Married filing jointly |
N/A |
N/A |
| Head of household |
N/A |
N/A |
| Unmarried |
N/A |
N/A |
| Married filing separately |
N/A |
N/A |
Kiddie tax
| Unearned income limit |
2022 |
2023 |
| Amount exempt from tax |
$1,150 |
$1,250 |
| Additional amount taxed at child’s rate |
$1,150 |
$1,250 |
| Unearned income over this amount generally taxed at parents’ tax rates |
$2,300 |
$2,500 |
| Parent’s election |
2022 |
2023 |
| Election to include child’s income on parent’s return — child’s gross income requirement |
$1,150 – $11,500 |
$1,250 – $12,500 |
| AMT |
2022 |
2023 |
| AMT exemption for child subject to kiddie tax |
Lesser of $7,950 + child’s earned income or $73,600 |
Lesser of $8,800 + child’s earned income or $81,300 |
Medicare tax (additional payroll tax and unearned income contribution tax)
| Payroll tax |
2022 |
2023 |
| Additional Medicare payroll tax (and self-employment tax) percentage rate |
0.90% |
0.90% |
| Applies to wages/self-employment income exceeding |
2022 |
2023 |
| Individuals |
$200,000 |
$200,000 |
| Married filing jointly |
$250,000 |
$250,000 |
| Married filing separately |
$125,000 |
$125,000 |
| Tax on unearned income |
2022 |
2023 |
| Unearned income Medicare contribution tax rate |
3.80% |
3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding |
2022 |
2023 |
| Individuals |
$200,000 |
$200,000 |
| Married filing jointly |
$250,000 |
$250,000 |
| Married filing separately |
$125,000 |
$125,000 |
Nanny tax
| Compensation threshold |
2022 |
2023 |
| Domestic employee coverage threshold |
$2,400 |
$2,600 |
Personal exemption amount
| Amount |
2022 |
2023 |
| Personal exemption amount |
N/A |
N/A |
| Married filing jointly |
2022 |
2023 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Head of household |
2022 |
2023 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Unmarried |
2022 |
2023 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Married filing separately |
2022 |
2023 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
“Saver’s Credit”
| Elective Deferrals and IRA or ABLE Contributions by Certain Individuals |
2022 |
2023 |
| Maximum credit amount |
$1,000 |
$1,000 |
| Applicable percentage of 50% applies to AGI |
2022 |
2023 |
| Joint Return |
$0 – $41,000 |
$0 – $43,500 |
| Head of Household |
$0 – $30,750 |
$0 – $32,625 |
| Other |
$0 – $20,500 |
$0 – $21,750 |
| Applicable percentage of 20% applies to AGI |
2022 |
2023 |
| Joint Return |
$41,001- $44,000 |
$43,501 – $47,500 |
| Head of Household |
$30,751 – $33,000 |
$32,626 – $35,625 |
| Other |
$20,501 – $22,000 |
$21,751 – $23,750 |
| Applicable percentage of 10% applies to AGI |
2022 |
2023 |
| Joint Return |
$44,001 – $68,000 |
$47,501 – $73,000 |
| Head of Household |
$33,001 – $51,000 |
$35,626 – $54,750 |
| Other |
$22,001 – $34,000 |
$23,751 – $36,500 |
| Applicable percentage of 0% applies to AGI |
2022 |
2023 |
| Joint Return |
Over $68,000 |
Over $73,000 |
| Head of Household |
Over $51,000 |
Over $54,750 |
| Other |
Over $34,000 |
Over $36,500 |
Standard deductions
| Amounts |
2022 |
2023 |
| Married filing jointly or surviving spouse |
$25,900 |
$27,700 |
| Head of household |
$19,400 |
$20,800 |
| Unmarried |
$12,950 |
$13,850 |
| Married filing separately |
$12,950 |
$13,850 |
| Dependent–Standard deduction cannot exceed the greater of: |
$1,150 or $400 + earned income |
$1,250 or $400 + earned income |
| Additional deduction for aged or blind (single or head of household) |
$1,750 |
$1,850 |
| Additional deduction for aged or blind (all other filing statuses) |
$1,400 |
$1,500 |
Standard mileage rates
| Applicable rates |
2022 |
2023 |
| Use of auto for business purposes (cents per mile) |
$0.585 or $0.625* |
$0.655 |
| Use of auto for medical purposes (cents per mile) |
$0.18 or $0.22* |
$0.22 |
| Use of auto for moving purposes (cents per mile) |
$0.18 or $0.22* |
$0.22 |
| * The IRS raised mileage rates for the final 6 months of 2022, so the higher rates noted above are effective as of July 1, 2022 |
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