IRS New Income Tax Brackets For 2023

  • The IRS has released higher federal tax brackets for 2023 to adjust for inflation.
  • The standard deduction is increasing to $27,700 for married couples filing together and $13,850 for single taxpayers.
  • There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.

IRS raises income threshold and standard deduction for all tax brackets. Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023.

The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024.

These brackets show how much you’ll owe for federal income taxes on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.

Higher standard deduction

The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850, an increase from $12,950.

More from Year-End Planning

Here’s a look at more coverage on what to do finance-wise as the end of the year approaches:

Other tax provisions adjust

The IRS also boosted figures for dozens of other provisions, such as the alternative minimum tax, a parallel system for higher earners and the estate tax exemption for wealthy families.

There’s also a higher earned income tax credit, bumping the write-off to a maximum of $7,430 for low- to moderate-income filers. And employees can funnel $3,050 into health flexible spending accounts.

While the agency hasn’t yet released 2023 limits for 401(k) and individual retirement accounts, experts predict IRA limits will jump to $6,500 for savers under 50.

By: Kate Dore, CFP®@katedore

Source: IRS: Here are the new income tax brackets for 2023

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Facebook Has Been Receiving Users’ Financial Info From Tax Preparers

Illustration by Gabriel Hongsdusit for The Markup

Major tax filing services such as H&R Block, TaxAct, and TaxSlayer have been quietly transmitting sensitive financial information to Facebook when Americans file their taxes online, The Markup has learned. The data, sent through widely used code called the Meta Pixel, includes not only information like names and email addresses but often even more detailed information, including data on users’ income, filing status, refund amounts, and dependents’ college scholarship amounts.

The information sent to Facebook can be used by the company to power its advertising algorithms and is gathered regardless of whether the person using the tax filing service has an account on Facebook or other platforms operated by its owner Meta.  Each year, the Internal Revenue Service processes about 150 million individual returns filed electronically, and some of the most widely used e-filing services employ the pixel, The Markup found.

When users sign up to file their taxes with the popular service TaxAct, for example, they’re asked to provide personal information to calculate their returns, including how much money they make and their investments. A pixel on TaxAct’s website then sent some of that data to Facebook, including users’ filing status, their adjusted gross income, and the amount of their refund, according to a review by The Markup. Income was rounded to the nearest thousand and refunds to the nearest hundred.

The pixel also sent the names of dependents in an obfuscated — but generally reversible — format. TaxAct, which says it has about 3 million “consumer and professional users” also uses Google’s analytics tool on its website, and The Markup found similar financial data, but not names, being sent to Google through its tool. TaxAct wasn’t the only tax filing service using the Meta Pixel.

Tax preparation giant H&R Block, which also offers an online filing option that attracts millions of customers per year, embedded a pixel on its site that gathered information on filers’ health savings account usage and dependents’ college tuition grants and expenses. TaxSlayer, another widely used filing service, sent personal information to Facebook as part of the social media company’s “advanced matching” system, which gathers information on web visitors in an attempt to link them to Facebook accounts.

The information gathered through the pixel on TaxSlayer’s site included phone numbers, the name of the user filling out the form, and the names of any dependents added to the return. As with TaxAct, specific demographic information about a user was obfuscated but still usable for Facebook to link a user to an existing profile. TaxSlayer has said it completed 10 million federal and state tax returns last year.

The Markup also found the pixel code on a tax preparation site operated by a financial advice and software company called Ramsey Solutions, which uses a version of TaxSlayer’s service. That pixel gathered even more personal data from a tax return summary page, including information on income and refund amounts. This information was not sent immediately upon visiting the page but only when visitors clicked drop-down headings to see more details of their report.

Even Intuit, the company that runs America’s dominant online filing software, employed the pixel. Intuit’s TurboTax, however, did not send financial information to Meta but, rather, usernames and the last time a device signed in. The company kept the pixel entirely off pages beyond sign-in.

“We take the privacy of our customers’ data very seriously,” Nicole Coburn, a spokesperson for TaxAct, said in an email. “TaxAct, at all times, endeavors to comply with all IRS regulations.” Angela Davied, a spokesperson for H&R Block, said the company “regularly evaluate[s] our practices as part of our ongoing commitment to privacy, and will review the information.”

Megan McConnell, a spokesperson for Ramsey Solutions, said in an email that the company “implemented the Meta Pixel to deliver a more personalized customer experience.”

“We did NOT know and were never notified that personal tax information was being collected by Facebook from the Pixel,” the statement said. “As soon as we found out, we immediately informed TaxSlayer to deactivate the Pixel from Ramsey SmartTax.”f

After The Markup contacted TaxSlayer, spokesperson Molly Richardson said in an email that the company had removed the pixel to evaluate its use. “Our customers’ privacy is of utmost importance, and we take concerns about our customers’ information very seriously,” she said, adding that Ramsey Solutions “decided to remove the pixel” as well.

Rick Heineman, a spokesperson for Intuit, said the company’s pixel “does not track, gather, or share information that users enter in TurboTax while filing their taxes,” although Intuit “may share some non-tax-return information, such as username, with marketing partners to deliver a better customer experience,” like not showing Intuit ads on Facebook to people who have accounts already. The company said it’s in compliance with regulations but has modified the pixel to no longer send usernames.

“This is appalling”

Mandi Matlock, a Harvard Law School lecturer focused on tax law, said The Markup’s findings showed taxpayers “providing some of the most sensitive information that they own, and it’s being exploited.”

“This is appalling,” she said. “It truly is.”

On Monday, after TaxAct was contacted by The Markup for comment, the company’s site no longer sent financial details like income and refund amount to Meta but continued to send the names of dependents. The site also continued to send financial information to Google Analytics. Also as of Monday, TaxSlayer and Ramsey Solutions had removed the pixel from their tax filing sites and TurboTax had stopped sending usernames through the pixel at sign-in. H&R Block’s site was continuing to send information on health savings accounts and college tuition grants.

How the Meta Pixel tracks users

Meta makes the pixel code freely available to anyone who wants it, allowing businesses to embed the code on their sites as they wish.

Using the code helps both Facebook and the businesses. When a customer comes to a business’s website, the pixel might record which items the customer browsed, say, a T-shirt, for example. The business can then target its ads on Facebook to people who looked at that shirt, allowing the business to find an audience that may already be interested in its products.

Meta wins financially, too. The company says it can use the data it gleans from tools like the pixel to power its algorithms, providing it insight into the habits of users across the internet. The strategy has been successful for Facebook. In 2018, the company told Congress that there were more than 2 million pixels across the web — a massive data-harvesting operation most internet users never see.

“The practice is ubiquitous,” said Jon Callas, director of public interest technology at the Electronic Frontier Foundation, who said he was left in “shock but not surprise” at The Markup’s findings.

Some of the sensitive data collection analyzed by The Markup appears linked to default behaviors of the Meta Pixel, while some appears to arise from customizations made by the tax filing services, someone acting on their behalf, or other software installed on the site.

For example, Meta Pixel collected health savings account and college expense information from H&R Block’s site because the information appeared in webpage titles and the standard configuration of the Meta Pixel automatically collects the title of a page the user is viewing, along with the web address of the page and other data. It was able to collect income information from Ramsey Solutions because the information appeared in a summary that expanded when clicked. The summary was detected by the pixel as a button, and in its default configuration, the pixel collects text from inside a clicked button.

The pixels embedded by TaxSlayer and TaxAct used a feature called “automatic advanced matching.” That feature scans forms looking for fields it thinks contain personally identifiable information, like a phone number, first name, last name, or email address, and then sends detected information to Meta. On TaxSlayer’s site, this feature collected phone numbers and the names of filers and their dependents. On TaxAct, it collected the names of dependents.

The data collected by the matching feature is sent in an obfuscated form known as a hash, which Meta states is used in order to “help protect user privacy.” But the company can generally determine the pre-obfuscated version of the data. In fact, Meta explicitly uses the hashed information to link other pixel data to Facebook and Instagram profiles.

This pixel feature was turned off by default when The Markup set up a test pixel attached to a business account but could be turned on by clicking a toggle during setup.

When TaxAct sent dollar amounts like adjusted gross income to Meta, they were transmitted as parameters to a “custom event,” which are sent only if the pixel is configured beyond the default by a website operator or another application the website operator adds to their site. TaxAct did not respond to questions about whether and why it configured the pixel in this manner.

Once a tax return was filled out on Taxact.com, information including an individual’s adjusted gross income, federal refund amount, and number of dependents was sent to Meta via the Meta Pixel. Data in the screenshots is not real user data. Image: Taxact.com and The Markup

There are limits to the types of data Meta says it will collect through the pixel. The company says it doesn’t want sensitive information sent to it, including financial data, and that it uses automated filtering to block potentially sensitive data. Its help center states that it prohibits sending information including bank account or credit card numbers or “information about an individual’s financial account or status.”

Still, one specific type of prohibited data — income — was exactly what two tax sites sent to Facebook, The Markup found. Data sent to Facebook by TaxAct suggests it was also previously sending a parameter labeled “student_loan_interest,” which is now being filtered by the pixel before being sent.

Meta says it doesn’t want to receive sensitive financial data

From January to July of this year, The Markup tracked websites’ use of the pixel as part of the Pixel Hunt, a partnership with Mozilla Rally. For the project, participating users installed a browser extension that provided The Markup with a copy of all data shared with Meta via the pixel.

The Markup initially discovered sensitive information was shared by the tax preparers through data shared by Pixel Hunt participants. The Markup then signed up for accounts on the companies’ web applications and used the “Network” section of Chrome DevTools, a tool built into Google’s Chrome browser, to replicate and confirm the data.

Earlier this year, with the help of Pixel Hunt participants, The Markup found sensitive data sent to Facebook on the Education Department’s federal student aid application website, crisis pregnancy websites, and the websites of prominent hospitals.

Meta collects so much data that even the company itself sometimes may be unaware of where it ends up. Earlier this year, Vice reported on a leaked Facebook document written by Facebook privacy engineers who said the company did not “have an adequate level of control and explainability over how our systems use data,” making it difficult to promise it wouldn’t use certain data for certain purposes.

At the time, a company spokesperson told Vice that Facebook has “extensive processes and controls to manage data and comply with privacy regulations.”

In response to The Markup’s questions about the tax websites’ use of the pixel, Dale Hogan, a spokesperson for Meta, pointed to the company’s rules on sensitive financial information.

“Advertisers should not send sensitive information about people through our Business Tools,” Hogan wrote in an emailed statement. “Doing so is against our policies and we educate advertisers on properly setting up Business tools to prevent this from occurring. Our system is designed to filter out potentially sensitive data it is able to detect.”

Google spokesperson Jackie Berté said in an email that the company “has strict policies against advertising to people based on sensitive information” and that Google Analytics data “is obfuscated, meaning it is not tied back to an individual and our policies prohibit customers from sending us data that could be used to identify a user.”

The IRS closely regulates tax data

Nina Olson, the executive director of the nonprofit Center for Taxpayer Rights, was the national taxpayer advocate at the Internal Revenue Service between 2001 and 2019, a position in the agency meant to represent the interests of taxpayers.

As part of her role at the IRS, she contributed to the development of regulations that govern disclosures of tax information. Olson said the IRS regulations controlling the way private tax filing services can use data are intentionally “very strong.”

Under the regulations she helped develop, tax preparers — including e-filing companies — can use the information they receive from taxpayers only for limited purposes; for anything beyond immediately facilitating filing, the preparer has to get signed consent from the user that explains the recipient and the precise information being disclosed.

The government goes so far as to prescribe even the font size of requests for disclosure, saying it must be “the same size as, or larger than, the normal or standard body text used by the website or software package.”

Penalties for disclosing data without consent can be steep

The penalties for disclosing data without consent are potentially steep: fines and even jail time are possible, although Olson said she wasn’t aware of any criminal cases that have been pursued.

The Markup reviewed the tax preparation websites for disclosures that specifically mentioned Meta or Facebook but did not find them. Instead, some companies included relatively broad disclosure agreements.

TaxAct, for example, requested users approve sending their tax information to its sister company, TaxSmart Research LLC, so it could “develop, offer, and provide products and services” for users. It also stated, “TaxSmart Research LLC may use service providers and business partners to accomplish these tasks.” H&R Block, meanwhile, included nearly the same disclosure request so “H&R Block Personalized Services, LLC” could provide products of its own. Those sites provided the user with the option to decline to share tax information, although data was shared with Facebook regardless of which option users chose, according to The Markup’s tests.

Any disclosure from a tax preparer must provide the exact purpose and recipient to be in compliance, Olson said. “Do they have a list saying they’re going to disclose the refund amounts, and your children, and your whatever to Facebook?” she said. If not, they may be in violation of regulations.

The IRS declined to comment or answer questions about whether any of the sites sharing tax information were in violation of tax law.

No way out for taxpayers

American taxpayers have few options but to turn to private companies to file their returns.

Unlike other countries, the United States has a heavily privatized system for filing taxes, one that often requires the use of third-party tax preparers. In other countries, the government handles the calculations and taxpayers simply approve the numbers. But after a successful lobbying push from private companies, tax preparers in the US effectively act as middlemen between taxpayers and the government.

Tax preparation is now big business: market researchers have estimated that it’s a more than $11 billion industry in the United States.

A free preparation and filing option exists, but it’s limited to people making $73,000 or less and can be difficult to use. Companies offer their tax software at no charge through an agreement with the IRS but have been criticized for not making the option easily available.

Using the pixel, The Markup found that the IRS even effectively directs taxpayers attempting to file for free to some of the companies. A handful of tax preparation services — including TaxAct and TaxSlayer — are part of the agreement, known as the Free File Alliance. TurboTax and H&R Block have been part of the program in the past.

Harvard’s Matlock said The Markup’s findings showed the almost inevitable consequences of relying on for-profit companies to handle a government requirement. It’s a process that provides users little choice but to hand over their data to Facebook if they want to comply with the law, she said.

“It’s frustrating because taxpayers have been pushed into the arms of these private, for-profit companies simply to comply with their tax filing obligations,” she said. “We have no choice, really, in the matter.”

By Simon Fondrie-Teitler, Angie Waller Colin Lecher

Source: Facebook has been receiving users’ financial info from tax preparers – The Verge

.

Related contents:

Tax Filing Websites Might Have Given Facebook Your Financial Information: Report The Daily Caller

Facebook Under Scrutiny for Receiving Tax E-Filers’ Personal Financial Information (Report)

Tax preparation services have been sending ‘sensitive financial information‘ to Facebook: Report Just The News

03:40 Tue, 22 Nov
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Taxing Income In The Metaverse

Metaverse virtual reality and internet futuristic streaming media symbol with VR technology and ... [+]getty

The Metaverse as envisioned by its creators — a fully formed digital world with virtual identities, homes, belongings and more — would transform our global economy. Development is growing quickly, as several platforms already are offering interactive games, business opportunities and social experiences.

For example, Barbados has been working to declare digital real estate as sovereign land, the first country to do so. The island nation intends to build virtual embassies and consulates, develop services to provide e-visas, and construct a “teleporter” that will allow users to transport their avatars between the various worlds.

These kinds of activities are only expected to grow, and now is the time for all governments — state, federal, and foreign — to think about if and how such ventures should be taxed, be they transaction taxes, income taxes, or any other categories.

The Nature of Work in the Metaverse

When it comes to income taxes, the first question that must be asked is what it means to work in the Metaverse. For example, consider the digital equivalent of an analog real estate broker. She is hired to select digital land parcels her client may be interested in purchasing. Her client purchases a parcel and pays the broker her commission in cryptocurrency.

Like her analog counterpart, the broker’s commission is income. In this case, the broker would report her commission as ordinary income on her federal and state tax returns, determined by the market value of the cryptocurrency on the day she is paid.

Yet payments to others can be made not just in cryptocurrency. Similar questions arise in the case of “play-to-earn” video games — that is, whether a gamer’s earnings count as wages.

For example, Axie Infinity is a gaming universe where players purchase, breed, train, and battle non-fungible token (NFT) critters called Axies. Axie Infinity contains several types of in-game currencies, one of which is “smooth love potion” (SLP), a token players earn for battle victories. Used to assist in breeding new Axies, the number of SLP tokens player earns varies with the strength of her gaming skills. SLP tokens can also be purchased and sold on the open market with either cryptocurrency or fiat money.

Since the Axie in-game currency has real-world value, it stands to reason that tokens earned during gameplay should be reported and taxed as ordinary income, determined by the market value of the token on the day the player earned or claimed it. And, as has been well-settled, if the gamer converts her SLP token into cryptocurrency or sells it in exchange for fiat money, it qualifies as capital gains income, subject to short- or long-term capital gains tax. The latter is also true for the Axie NFTs, which, like SLP tokens, can be converted to cryptocurrency or sold on the open market.

Thus, the issue of whether cryptocurrency payments in exchange for services or the rental of a digital commodity constitute taxable income is settled. The question concerning whether payments consisting solely of NFTs, however, remains open. For example, what if the broker’s client paid her with a Bored Ape NFT? Some Bored Ape NFTs have been sold for millions in the marketplace, while others have been sold for substantially less. How would one go about valuing such an NFT for purposes of determining income?

Another example of income, although not “work” in the traditional sense, is the case of a person who rents digital land. Like the broker, how would the digital landlord determine her rental income for the lease period if paid with an NFT?

Could NFT Payments Be Considered Barter Transactions?

The IRS has issued guidance that cryptocurrency is property, yet it has not issued similar guidance for NFTs, although it is likely that NFTs also qualify as property. Regarding our broker, could her receipt of an NFT in exchange for her services count as barter? Yes, but only if the broker and her client agreed beforehand that the fair market value of the broker’s services and the FMV of the NFT are equal.

This would also be true of the landlord and her renter — if the parties agree that the NFT’s FMV is equal to the FMV lease period, the exchange qualifies as barter, and in both cases, the broker and the landlord would report the value of the exchange as income. The problem, of course, lies in determining the FMV of the NFT.

In the broker’s case, if the FMV of the NFT is determined by comparing the prices of similar NFTs, it is possible that no barter could have occurred. People, businesses, and governments have paid hundreds of thousands of dollars or more for digital land, and it is almost a given that our broker’s commission is but a fraction of what the buyer paid for the digital asset.

Of course, the opposite could also be true — the FMV of the NFT offered is less than the FMV of the broker’s services. Overall, in the case of a digital broker, it seems she would be better off to demand compensation either in cryptocurrency or in fiat money.

Sourcing Income From Transactions Involving Digital Land

Expanding on the landlord and renter example to include buyers and sellers of digital land, a knotty question arises regarding the source of the landlord’s and seller’s income arising from the transactions. In the analog world, such income is sourced to the jurisdictions where the real property is located. Of course, in the digital world, that doesn’t make sense. So where should the landlord’s and the seller’s income from their digital land holdings be sourced?

One option is to source the income to the jurisdiction where the digital environment’s servers are located. A second option is to treat income from the digital land and the real property in the same manner — that is, to source the income to the jurisdiction where the landlord and seller physically reside. The second option carries greater logic than the first and remains so even if the digital environment is hosted in the cloud.

Similar questions arise when the digital land is purchased from or rented by the platforms themselves. Should the income be sourced to the jurisdiction where the platforms’ servers are located or where the platforms’ owners are physically located? Again, the second option carries greater logic.

What if the platform owners are outside the United States? If the platform owner acts as a landlord, and is qualified to do business here, it will have a registered U.S. address, and the rental payments will be sourced to the state where the address is located.

The same is true when the platform is acting as the seller of digital land — that is, the purchase price will be sourced accordingly. If neither the landlord nor the seller is doing business in the United States, the rental payments and the payment for the purchase should be sourced to the platform’s home jurisdiction.

Sales and Royalty Income From NFTs and NFT Donations

If a person is actively involved in creating and selling NFTs as a livelihood, there is no question that the proceeds from those sales constitute income. In this case, the NFTs would be considered inventory, and the creator would be subject to self-employment tax on his profits in addition to individual income tax. However, the IRS has not issued guidance on the tax treatment of royalty income from NFTs. In this case, if the person is actively involved in creating NFTs, his royalty income would more than likely be subject to self-employment taxes.

Donating or auctioning off NFTs for charitable purposes is not considered to be a taxable event if three criteria are met. First, the NFT donation is held for over a year; second, the NFT is donated to a section 501(c)(3) organization; and third, the NFT is donated directly to the organization. However, regarding auctions, if the creator auctions the NFT first and then donates the proceeds to the organization, he will incur capital gains income and be taxed accordingly, depending on the length of time the asset was held.

Conclusion

The digital world promises a plethora of new experiences and opportunities to generate income for individuals as well as business entities. However, determining how to tax that income will not necessarily be easy.

In the United States, the IRS has issued little taxpayer guidance, meaning that tax professionals, other than what guidance the IRS has provided, have little to rely on other than their own knowledge and experience to fill the holes. Despite these shortcomings, the Metaverse, even if it does not come to full realization, promises to be an interesting digital world, nonetheless.

I’ve been involved with state and local tax for over 30 years and have enjoyed watching the profession grow and come into its own.

Source: Taxing Income In The Metaverse

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Related contents:

Maryland’s Digital Advertising Tax Defeated Lex Blog (Weblog)

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IRS Sets Higher 2023 Tax Brackets, Standard Deductions And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions and credits for 2023 and—no surprise—today’s four decade high inflation has translated into some big hikes.

Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers. For a married couple filing a joint tax return, that deduction will jump to $27,700 in 2023, from $25,900 in 2022; for singles and couples filing separately it will rise to $13,850, from $12,950; for a head of household it will rise to $20,800 from $19,400. (A head of household is a single adult with dependents, such as children.)

The additional standard deduction for someone who is 65 or older will rise to $1,500 per person from $1,400 in 2022; if that senior is unmarried, the additional deduction will be $1,850 in 2023, up from $1,750. Meanwhile, the individual tax brackets for ordinary income as well as those for capital gains will all be jumping in 2023 by 7%.

So, for example, the lowest 10% ordinary income tax bracket will cover the first $22,000 of taxable income for a married couple filing jointly, up from $20,550 in 2022. The 24% bracket for the couple will kick in at $190,750, up from $178,150, and the highest 37% rate will hit taxable income exceeding $693,750, up from $647,850 in 2022.

You can see all the 2023 income tax brackets on ordinary income (which includes salaries, self-employment income and interest) at the bottom of this post. Remember, the 2022 rates here will apply for the 1040 you file in early 2023.

The individual federal tax brackets have been automatically indexed for inflation since 1985—a provision that was passed in 1981 after a period of inflation even higher than what the country is now experiencing. The point of the adjustments is to make sure that people aren’t artificially pushed into higher tax brackets by inflation. Those whose income hasn’t increased with inflation could end up paying taxes at lower rates in 2023 than in 2022—in other words, they could get a tax cut that makes up for some of what they’ve lost.

One key item that isn’t indexed, however, is the income levels at which taxes on Social Security benefits kick in. That means more moderate income retirees will be paying federal taxes on their 2023 benefits, which will be boosted by an 8.7% cost of living adjustment.

As for the tax rate on qualified stock dividends and long term capital gains (that is gains on stocks held more than a year), a married couple won’t owe any tax until their income (including those gains) is above $89,250, up from $83,350 in 2022. Above that, the gains rate is 15%. The top gains rate of 20% will kick in above $553,850 for a couple in 2023, up from $517,200 in 2022. For individual filers, the 15% capital gains and dividends rate kicks in on income above $44,625 in 2023, up from $41,676 in 2022.

But the top 20% rate won’t hit single individuals until their income exceeds $492,300 in 2023, up from $459,760. (Yes, that’s more than half the level for married couples. The top gains rate is one of those areas where the tax codes still has a marriage penalty, and no, you can’t avoid this one by filing separately from your spouse.)

Several key credits are also adjusted for inflation. For example, the maximum earned income tax credit for qualifying taxpayers with three or more children will be $7,430 in 2023, up from $6,935 in 2022. The credit, designed to help struggling families who work, rises with earned income and then begins to slowly phase out at fairly modest levels of income. So, for example, a married couple with three children will begin to see their EITC phase out at $28,120 of income in 2023, but won’t lose the entire credit until their income hits $63,398.

You can see all the adjustments in IRS Revenue Procedure 22-38 here. (It’s a 28 page document covering everything from the adoption credit to penalties for failing to file certain returns on time.)

Inflation also means that well-off folks will be able to transfer much more to their heirs tax free during life—or at death. One key gifting change: you can give anyone else (and as many people as you want) $17,000 in gifts in 2023, up from $16,000 in 2022, without worrying about using up your lifetime gift and estate tax exemption or paying gift tax. That lifetime exemption will be rising to $12.92 million in 2023, up from $12.06 million in 2022. (You can read more about the estate and gift tax changes here.)

I’m the Washington D.C. bureau chief and an assistant managing editor of Forbes. During my three decades with Forbes, I’ve reported extensively on taxes — tax policy, tax planning, tax

Source: IRS Sets Higher 2023 Tax Brackets, Standard Deductions And Other Inflation Adjustments

.

Related contents:

The IRS Includes NFTs In 2022 Tax Language MediaPost IRS announces inflation adjustments: Will you pay a lower income tax rate in 2023? Staten Island Advance, New York

IRS new tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad … MarketWatchIRS updates tax brackets for soaring inflation, meaning lower rates for some Washington Examiner

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00:15 Wed, 19 OctInflation Causes IRS to Raise Tax Brackets Political Wire .
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Social Security’s ‘Taxable Maximum’ Jumps 9%—But Will It Make a Dent In The Trust Fund?

Getty Images/iStockphoto 

Social Security’s payroll tax cap was raised nearly 9% for 2023, meaning more income will face Social Security taxes next year, but the rise is unlikely to affect the solvency of the trusts underpinning the system.

Citing the increase in average wages, the Social Security Administration said the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000 starting in January. The announcement was part of the release of the cost-of-living adjustment, or COLA, on Thursday. The taxable maximum for 2021 was $142,800.

While the increase is sharper than in recent years, it’s unlikely the higher taxable maximum will affect the overall Social Security system, experts said.

The higher taxable maximum “will generate more revenue and tax benefits from higher earning households,” said Rob Williams, managing director of financial planning at Charles Schwab. “It will contribute more to the system. Generating more income may help the solvency but we won’t know for sure until the Social Security trustees release their next report.”

The Social Security and Medicare Board of Trustees issues a closely watched report every year on the financial health of the program’s two trust funds that support benefits to retired, survivor and disabled beneficiaries. In June, the most recent report said that without any changes in the next 13 years, Social Security beneficiaries can expect to see a 20% cut to their Social Security checks in 2035.

The change in the taxable maximum will only be felt by the people with income thresholds between $147,000 and $160,200. Those people who earn more than that maximum—even millions of dollars above that level—will pay the same taxes as someone making $160,200, said Eric Bronnenkant, head of tax at Betterment at Work.

“These changes are not designed to move the needle one way or the other,” Bronnenkant said. “It would require legislative changes to do something on the order of changing the retirement age or changing benefits.”

Roughly 80% to 85% of all wages are below this taxable maximum, according to the Center for Retirement Research at Boston College. And only 6% of all earners will be impacted by the change, or roughly six to seven million people, said Jim Blankenship, a financial adviser located in New Berlin, Ill., specializing in Social Security retirement benefits who also writes for MarketWatch.

There’s been proponents who have called for even higher hikes in the taxable maximum as a way to help shore up Social Security. When campaigning for president for the 2020 election, both Bernie Sanders and Pete Buttigieg proposed hiking the payroll-tax cap.

Read: Social Security is at a crossroads this election season—and older voters have enormous power ..“We’ve had so much income and wealth inequality that I do think the higher income people should pay more,” said Nancy Altman, president of Social Security Works.

There have been proposals to stabilize Social Security, such as raising the retirement age, increasing payroll taxes or cutting benefits, and allowing more legal immigration, but legislators have been reluctant to engage the subject of major reform. Social Security has long been referred to as the “third rail” of politics, because it’s deadly if you touch it, but lawmakers aren’t expected to act until the trust funds run lower.

“What it’s going to take is a looming disaster similar to what happened in 1982,” Blankenship said. Read: This could be the perfect time for Social Security reform—except for one thing..Higher wages allowed for workers under the full retirement age

The earnings limit for workers who claim Social Security before their full retirement age will increase to $21,240 and the earnings limit for people reaching their full retirement age in 2023 will increase to $56,520, the Social Security Administration also announced. There is no limit on earnings for workers who are full retirement age or older for the entire year.

“Basically, if you claim Social Security before your full retirement age but are still earning above a certain limit ($21,240 in 2023) then Social Security will withhold part of your benefit and give it back to you later. This is because when you claim early, you receive an actuarially lower benefit. Most people time their retirement and Social Security claiming together,” said Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College.

“This just allows someone to earn a little more,” Schwab’s Williams said. “But working in retirement is not just about income. It’s social and an activity and some people still want that.” Some advocates argue that allowing retirees to earn money during retirement raises the question of why Social Security isn’t higher to make such work unnecessary.

“It’s another signal that the Social Security benefits are too low,” Altman said.

By: Jessica Hall

Source: https://www.marketwatch.com

.

Related News:

Gloucester City Business Owner Admits Payroll Tax Fraud and Pandemic Loan Fraud U.S. Department of Justice (Press Release)Law passed to stop hospitality staff paying payroll tax on tips Royal Gazette

11:22 Fri, 07 Oct
18:41 Mon, 03 Oct
17:19 Thu, 22 Sep
23:15 Mon, 19 Sep
Social Security Benefits To Jump 8.7% In 2023, As Top Tax Hits $19,865 Forbes

07:16 Tue, 04 Oct

18:04 Tue, 20 Sep

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