FY 2023-10, What's New for Illinois Income Taxes: Fill out & sign online

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Will income tax be different for 2023?

Those ratesranging from 10% to 37%will remain the same in 2023. Whats changing is the amount of income that gets taxed at each rate. For example, in 2023, an unmarried filer with taxable income of $95,000 will have a top rate of 22%, down from 24% in 2022.

What income tax changes are coming in 2023?

The standard deduction also increased by nearly 7% for 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850, an increase from $12,950.

Will 2023 tax returns be smaller?

ing to early IRS data, the average tax refund will be about 11% smaller in 2023 versus 2022, largely due to the end of pandemic-related tax credits and deductions.

What is the tax rate in Illinois 2023?

The Illinois income tax rate is a flat 4.95%.

What are the tax updates for Illinois?

Illinois has made the following updates/changes for tax year 2022: The Illinois income tax rate is 4.95 percent. The personal exemption amount for tax year 2022 is $2,425.

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