2022-2023 tax brackets and federal income tax rates

Tax Rate Single filers Married filing
jointly or qualifying
surviving spouse Married filing
separately Head of household
10% $0 to $10,275 $0 to $20,550 $0 to $10,275 $0 to $14,650
12% $10,276 to $41,775 $20,551 to $83,550 $10,276 to $41,775 $14,651 to $55,900
22% $41,776 to $89,075 $83,551 to $178,150 $41,776 to $89,075 $55,901 to $89,050
24% $89,076 to $170,050 $178,151 to $340,100 $89,076 to $170,050 $89,051 to $170,050
32% $170,051 to $215,950 $340,101 to $431,900 $170,051 to $215,950 $170,051 to $215,950
35% $215,951 to $539,900 $431,901 to $647,850 $215,951 to $323,925 $215,951 to $539,900
37% $539,901 or more $647,851 or more $323,926 or more $539,901 or more

STANDARD DEDUCTION TABLE
Filing Status

If you’re at least 65 years old or blind, you can claim an additional standard deduction of $1,400 in 2022 ($1,750 if you’re claiming the single or head of household filing status). If you’re both 65 or older and blind, the additional deduction amount is doubled.

The IRS and TurboTax offer free versions of filing a person’s Federal Income Tax Form for 2022 if the only thing you have is W-2 forms and do not intend to itemize your deductions. Otherwise, if you want to file your 2022 Federal and State returns yourself, I would suggest you select the appropriate TurboTax version for your situation. There are three main versions for individuals depending on what your return needs to include. TurboTax Deluxe if only W-2’s, interest income, dividend income, and you can itemize or take the standard deduction. TurboTax Premier for those that have stock transactions, rental income and other sources of income that do not require itemizing like a business. The third version is TurboTax Home and Business that allows you to file a schedule C for Business Income no matter how small your business or rental income might be. In general allows virtually anything an individual might need to report as far as W-2, 1099, and business income.

TurboTax is available on a CD or on line. Since many new personal computers do not have a port for a CD, most people choose the on line versions. If you can do your income tax yourself you can save a pretty good chunk of money. TurboTax ranges from about $60 to $150 depending on what version you buy. There are also TurboTax versions for Partnerships and Corporations.

Good luck in filing your 2022 tax return by the due date Tuesday April 18,2023.