KEY FACTS 2023

• Annual Gift Tax Exclusion: $17,000
• Estate, gift and generation-skipping tax exemption - $12,920,000
• IRA and Roth IRA Contribution Limits: $6,500 plus another $1,000 for individuals over 50
• Simple IRA Contributions: $15,500 plus another $3,500 for individuals over 50
• 401(k) Contribution Limits: $22,500 plus another $7,500 for individuals over 50
• SEP IRA Contribution Limits: 25% of compensation or maximum of $66,000
• Top Federal Tax Rate: 37% on income over $578,126 for single taxpayers and $693,751 for
married taxpayers
• Top Federal Tax Rate: 37% on income over $14,451 for Estates & Trusts
• Long-Term Federal Capital Gains Rate: 20% on maximum taxable income over $492,300 for
single taxpayers and maximum taxable income over $553,850 for married taxpayers
• Long-Term Federal Capital Gains Rate: 15% on maximum taxable income of $44,625-
$492,300 for single taxpayers and maximum taxable income of $89,250-553,850 for married
taxpayers
• Additional 3.8% Net Investment Income Tax on investment income, dividends and capital
gains for single taxpayers with AGI greater than $200,000 and married taxpayers with AGI
greater than $250,000
• Standard Deduction: $13,850 for single taxpayers and $27,700 for married taxpayers
• State and Local Tax Deductions: Individuals can deduct up to $10,000 which includes a
combination of property taxes and state income tax or sales tax
• Mortgage Interest: The mortgage interest deduction is capped at loans of $750,000
• Home Equity Loans: Loans for other than home purchase, build or renovation are no longer
deductible
• Annual Benefit Limit under Defined Benefit Plans: $265,000
• Health Savings Account: $3,850 contribution limit for single taxpayers, $7,750 contribution
limit for family, $1,000 Catch-up for taxpayers over 55