IRS Releases Key Inflation Adjustments for 2023

The IRS on Tuesday released annual inflation adjustments to key aspects of the tax code that will apply for the 2023 tax year.

The adjustments, included in Revenue Procedure 2022-38, will generally apply to the tax returns that people will file in 2024, and reflect the fact that inflation has been high over the past year.

• The standard deduction will rise to $13,850 for single filers, an increase of $900 from 2022, and will go up to $27,700 for married couples filing jointly, an increase of $1,800 from 2022, the IRS said.
• The top individual tax rate of ...