A related change is the shift in income tax brackets for 2022 [1] vs. 2023 [2]. Tax bracket thresholds, single: Rate 2022 2023 35% $215,950 $

A related change is the shift in income tax brackets for 2022 [1] vs. 2023 [2]. Tax bracket thresholds, single: Rate 2022 2023 35% $215,950 $231,250 32% $170,050 $182,100 24% $89,075 $95,375 22% $41,775 $44,725 12% $10,275 $11,000 Tax bracket thresholds, married filing jointly: Rate 2022 2023 35% $431,900 $462,500 32% $340,100 $364,200 24% $178,150 $190,750 22% $83,550 $89,450 12% $20,550 $22,000 Retirement account contribution limits [3] have also increased: 2022 2023 IRA $6,000 $6,500 401(k) $20,500 $22,500 Overall, IRS adjustments for 2023 are roughly: +6.9% standard deductions +7.1% tax brackets +8.3% IRA contribution limits +9.8% 401(k) contribution limits [1]: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022 https://www.irs.gov/newsroom/irs-provides-tax-inflation-adju... [2]: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 https://www.irs.gov/newsroom/irs-provides-tax-inflation-adju... [3]: https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500 https://www.irs.gov/newsroom/401k-limit-increases-to-22500-f...