Page 160 - Individual Forms & Instructions Guide

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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
affect your refund or balance due. Promptly report
THEN your standard
IF your 2023 filing status is... changes in your income or family size to your
deduction is... Marketplace. See Form 8962 and its instructions for more
Married filing jointly or $27,700 information.
Qualifying surviving spouse
Head of household $20,800 Access Your Online Account
Single or Married filing separately $13,850 (Individual Taxpayers Only)
Go to IRS.gov/Account to securely access information
However, if you can be claimed as a dependent on about your federal tax account.
• View the amount you owe and a breakdown by tax year.
another person's 2023 return, your standard deduction is • See payment plan details or apply for a new payment
the greater of: plan.
• $1,250, or • Make a payment, view 5 years of payment history and
• Your earned income plus $400 (up to the standard any pending or scheduled payments.
deduction amount). • Access your tax records, including key data from your
Your standard deduction is increased by the following most recent tax return, your economic impact payment
amount if, at the end of 2023, you are: amounts, and transcripts.
• An unmarried individual (single or head of household) • View digital copies of select notices from the IRS.
and are: • Approve or reject authorization requests from tax
professionals.
65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . . $1,850 • Update your address or manage your communication
65 or older and blind . . . . . . . . . . . . . . . . . . . . . . . $3,700 preferences.
How To Figure Your Estimated Tax
• A married individual (filing jointly or separately) or a You will need:
qualifying surviving spouse and are: • The 2023 Estimated Tax Worksheet,
• The Instructions for the 2023 Estimated Tax Worksheet,
65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . . $1,500 • The 2023 Tax Rate Schedules, and
65 or older and blind . . . . . . . . . . . . . . . . . . . . . . . $3,000 • Your 2022 tax return and instructions to use as a guide
Both spouses 65 or older . . . . . . . . . . . . . . . . . . . . $3,000* to figuring your income, deductions, and credits (but be
Both spouses 65 or older and blind . . . . . . . . . . . . . . $6,000* sure to consider the items listed under What's New,
*Only if married filing jointly. If married filing separately, these earlier).
amounts do not apply.
Matching estimated tax payments to income. If you
receive your income unevenly throughout the year (for
Your standard deduction is zero if (a) your spouse example, because you operate your business on a
! itemizes on a separate return, or (b) you were a seasonal basis or you have a large capital gain late in the
CAUTION dual-status alien and you do not elect to be taxed year), you may be able to lower or eliminate the amount of
as a resident alien for 2023. your required estimated tax payment for one or more
periods by using the annualized income installment
Social security tax. For 2023, the maximum amount of method. See chapter 2 of Pub. 505 for details.
earned income (wages and net earnings from Changing your estimated tax. To amend or correct
self-employment) subject to the social security tax is your estimated tax, see How To Amend Estimated Tax
$160,200. Payments, later.

Adoption credit or exclusion. For 2023, the maximum You can’t make joint estimated tax payments if
adoption credit or exclusion for employer-provided ! you or your spouse is a nonresident alien, you are
adoption benefits has increased to $15,950. In order to separated under a decree of divorce or separate
CAUTION
claim either the credit or exclusion, your modified adjusted maintenance, or you and your spouse have different tax
gross income must be less than $279,230. years.
Reminders Additionally, individuals who are in registered domestic

Individual taxpayer identification number (ITIN) re- partnerships, civil unions, or other similar formal
newal. If you were assigned an ITIN before January 1, relationships that aren’t marriages under state law cannot
2013, or if you have an ITIN that you haven’t included on a make joint estimated tax payments. These individuals can
tax return in the last 3 consecutive years, you may need to take credit only for the estimated tax payments that they
renew it. For more information, see the Instructions for made.
Form W-7. Payment Due Dates
Advance payments of the premium tax credit. If you You can pay all of your estimated tax by April 18, 2023, or
buy health care insurance through the Health Insurance in four equal amounts by the dates shown below.
Marketplace, you may be eligible for advance payments
of the premium tax credit to help pay for your insurance
coverage. Receiving too little or too much in advance will

-2- Form 1040-ES (2023)