Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.
The tax brackets, standard deduction, and the 0% 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.
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.