Rhode Island Tax Div. Announces Inflation-Adjusted Amounts, Income Tax Rate Schedule for Tax Year 2023

The Rhode Island Division of Taxation Dec. 27 announced inflation-adjusted amounts for 2023, and information and changes for other tax years, for individual income, corporate income, and trust income tax purposes. Inflation-adjusted amounts that apply to tax year 2023 won’t appear on tax returns covering tax year 2022. The announcement also provides: 1) individual income tax tax brackets, standard deductions, and personal exemptions; 2) the trust income and estate income tax rate schedule; 3) information on withholding tables and the W-4 withholding certificate; 4) social security and pension modification amounts for tax years 2021 and 2022; and 5) maximum property ...