The IRS has published the details of its annual inflation-adjusted tax rates for 2023, with filing in 2024. 

The standard deduction (page 13 of the document) for married couples filing jointly will be $27,700, up by $1,800 from the prior year. For single and married filing single, it will be $13,850, up by $900, and for head of household, it will be $20,800, up by $1,400. 

The tax rates (pages 5-8) for 2023 will once again top out at 37 percent for single taxpayers with incomes greater than $578,125 ($693,750 for married filing jointly (MFJ)). The other rates, according to Accounting Today, are 35 percent for incomes exceeding $231,250 ($462,500 for MFJ); 32 percent for incomes exceeding $182,100 ($364,200 for MFJ); 24 percent for incomes exceeding $95,375 ($190,750 for MFJ); 22 percent for incomes exceeding $44,725 ($89,450 for MFJ); and 12 percent for incomes exceeding $11,000 ($22,000 for MFJ). The lowest rate is 10 percent for incomes of single individuals with incomes of $11,000 or less ($22,000 for MFJ). 

The Alternative Minimum Tax (AMT) exemption (pages 11-12) will increase to $81,300 and begin to phase out at $578,150. For MFJ, it will be$126,500, with phaseout beginning at $1,156,300.  

The maximum amount for the Earned Income Tax Credit (EITC) (pages 9-10) will be $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for the 2022 tax year. The IRS document includes a table providing maximum EITC amount for other categories, income thresholds and phaseouts. 

The monthly limitation under regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and any transit pass will be $300 and for qualified parking will be $300 (page 14). 

In addition, Accounting Today reported, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements will increase to $3,050 (page 14). For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount will be $610, an increase of by $40 from taxable years beginning in 2022. 

For those who have self-only coverage in a medical savings account, the plan must have an annual deductible of at least $2,650, up by $200, but not more than $3,950, an increase of $250 from this year . For self-only coverage, the maximum out-of-pocket expense amount will be $5,300, up by $350 (page 17). 

For family coverage (page 17), the annual deductible will be at least $5,300, up from $4,950 for this year. The deductible cannot be more than $7,900, up by $500 . For family coverage, the out-of-pocket expense limit is $9,650, an increase of $600.