New Income Tax Brackets for 2023

The IRS announced higher federal income tax brackets and standard deductions for 2023. 

The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024. 

These brackets show how much you’ll owe for federal income taxes on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. 

 Marginal tax brackets for tax year 2023, filing single 

Table: Gabriel Cortes / CNBCSource: IRS 

Marginal tax brackets for tax year 2023, married filing jointly 

Table: Gabriel Cortes / CNBCSource: IRS 

Higher standard deduction 

The standard deduction also increases in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers can claim $13,850, an increase from $12,950. 

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