Highlights
Required Minimum Distributions (RMDs)
The starting age for RMDs is now 73, raised from 72. If you turn 72 in 2023, you don't have to take an RMD for 2023.
Long-Term Capital Gains Tax Rates for 2023
Charitable Contributions
The "above-the-line" deduction of $600 for charitable contributions is no longer available in 2022 or 2023. Charitable donations can only be claimed as itemized deductions.
Standard Deductions
Marginal Rates
The top income tax bracket, 37%, applies to ordinary income exceeding the following amounts.
Tax Credits
Many Tax Credits that were enhanced during the COVID emergency have now returned to pre-COVID levels. Those that were particularly affected are the Child Tax Credit, the Earned Income Tax Credit, and the Child and Dependent Care Credit (see Legislative Updates).