Income Tax Key Numbers 2022 and 2023

Qualified charitable distributions (QCDs)

Qualified charitable distributions (QCDs) are distributions made directly from an IRA to a qualified charity. Such distributions may be excluded from income and count toward satisfying any required minimum distributions (RMDs) you would otherwise have to receive from your IRA. Individuals age 70½ and older can make up to $100,000 in QCDs per year.

Alternative minimum tax (AMT)	2022	2023
Maximum AMT exemption amount	$118,100 (MFJ), $75,900 (Single/HOH), $59,050 (MFS)	$126,500 (MFJ), $81,300 (Single/HOH), $63,250 (MFS)
Exemption phaseout threshold	$1,,079,800 (MFJ), $539,900 (Single/HOH/MFS)	$1,156,300 (MFJ), $578,150 (Single/HOH/MFS)
26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount)	$206,100 (MFJ/Single/HOH), $103,050 (MFS)	$220,700 (MFJ/Single/HOH), $110,350 (MFS)

Standard deduction	2022	2023
Standard deduction amount	$25,900 (MFJ), $19,400 (HOH), $12,950 (Single), $12,950 (MFS)	$27,700 (MFJ), $20,800 (HOH), $13,850 (Single), $13,850 (MFS)
Standard deduction for dependent	Can’t exceed the greater of $1,150 or $400 + earned income	Can’t exceed the greater of $1,250 or $400 + earned income
Additional deduction for aged/blind	$1,750 (Single/HOH), $1,400 (MFJ/MFS)	$1,850 (Single/HOH), $1,500 (MFJ/MFS)

Top tax brackets	2022	2023
Single	37% of taxable income exceeding $539,900 + $162,718	37% of taxable income exceeding $578,125 + $174,238.25
MFJ	37% of taxable income exceeding $647,850 + $174,253.50	37% of taxable income exceeding $693,750 + $186,601.50
MFS	37% of taxable income exceeding $323,925 + $87,126.75	37% of taxable income exceeding $346,875 + $93,300.75
HOH	37% of taxable income exceeding $539,900 + $161,218.50	37% of taxable income exceeding $578,100 + $172,623.50

Top capital gain tax rate (20%) thresholds	2022	2023
Single	$459,750	$492,300
MFJ	$517,200	$553,800
MFS	$258,600	$276,900
HOH	$488,500	$523,050

Unearned income Medicare contribution tax (Net investment income tax)	2022	2023
Amount of tax	3.80%	3.80%
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:
Individuals	$200,000	$200,000
Married filing jointly	$250,000	$250,000
Married filing separately	$125,000	$125,000

Standard mileage 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
Use of auto for charitable purposes (cents per mile)	$0.14	$0.14
*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.

IMPORTANT DISCLOSURES

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To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

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