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What You Need to Know for the 2023 Tax Season


What did the I.R.S. do with savings and tax brackets limits to ease the sting of inflation?When a dollar buys less than it used to, the I.R.S. lets you put more of it away — if you can afford to, at least.In 2023, the maximum amount of money you can save in most workplace retirement amounts — pretax — will be $22,500, up from $20,500 in 2022. The cap on annual I.R.A. contributions will be $6,500, up from $6,000.The tax brackets have changed, too. For people in the 24 percent federal tax bracket, for instance, that rate will kick in for incomes over $95,375 in 2023, or $190,750 if you’re married and filing your taxes jointly. That’s up from $89,075 for single individuals and $178,150 for married couples filing jointly in 2022. There are similar changes in other brackets.Not everything is subject to such …

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