The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2023.
The 2023 contribution limits for 401k/403b/457 plans and Traditional/Roth IRA will go up substantially due to high inflation.
You pay higher Medicare Part B and Part D premiums if your income exceeds certain thresholds. Here are the IRMAA income brackets for 2022 2023, and 2024.
Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.
The Inflation Reduction Act extended the ACA premium subsidy cliff to a slope through 2025. The cliff will return in 2026 unless a new law is enacted.
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
An unusually high marginal tax rate isn’t a problem. You’re rewarded with paying lower taxes. You live on after-tax dollars, not rates.
2022 and 2023 calendar year HSA contribution limits and HDHP qualifications for individual and family coverage. Big changes due to high inflation.
TurboTax and H&R Block charge $25 to e-file a state tax return. Follow these links to e-file for free directly on your state revenue agency’s website.
I tested TurboTax, H&R Block, FreeTaxUSA, and OLT on doing a Form 1116 for the foreign tax credit. Four software packages gave three different answers.
Holding international stock funds in a taxable account gives you foreign tax credit, but claiming it on IRS Form 1116 has become too much hassle.
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.