Important Numbers 2023
The “Important Numbers” resource is an excellent tool for individuals to quickly reference important figures. Here is a brief overview of what it covers:
Tax rates for MFJ, Single, and Estates/Trusts: The tax rates for different filing statuses and for estates and trusts are provided for reference.
AMT annual limits: The alternative minimum tax (AMT) exemption amounts and phase-out thresholds are listed for reference.
LTCG rates for MFJ, Single, and Estates/Trusts: The long-term capital gains tax rates for different filing statuses and for estates and trusts are provided.
Standard deductions for MFJ and Single: The standard deduction amounts for married filing jointly and single filers are provided.
Social Security annual limits (including earning limits): The maximum taxable earnings for Social Security, as well as the earnings limits for individuals who have not yet reached full retirement age, are listed.
Full Retirement Age chart: The full retirement age for Social Security based on year of birth is listed.
Social Security taxation summary for MFJ and Single: A summary of how Social Security benefits are taxed based on filing status and income is provided.
IRMAA surcharges: The income-related monthly adjustment amount (IRMAA) surcharges for Medicare Part B and Part D are listed.
Retirement plan annual limits: The contribution limits for different types of retirement plans, such as 401(k)s and IRAs, are provided.
Traditional and Roth IRA annual limits: The contribution limits for traditional and Roth IRAs are listed.
Education tax credits: The annual limits and income phase-out thresholds for education tax credits, such as the American Opportunity Credit and the Lifetime Learning Credit, are provided.
Uniform Lifetime Table (abbreviated version): An abbreviated version of the Uniform Lifetime Table used for calculating required minimum distributions (RMDs) from retirement accounts is provided.
Single Lifetime Table (abbreviated version): An abbreviated version of the Single Lifetime Table used for calculating RMDs for certain beneficiaries of inherited retirement accounts is provided.
Estate and gift tax annual limits: The annual exclusion and lifetime exemption amounts for estate and gift taxes are listed.
HSA annual limits: The contribution limits for health savings accounts (HSAs) are provided.
It's important to note that some of these numbers may vary based on individual circumstances or changes to tax laws.
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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.