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.
Income Tax Key Numbers
|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 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|
|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:|
|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.|
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|Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2023.