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Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.
Are other forms of retirement income taxable in Rhode Island? Most other retirement income in Rhode Island is subject to the state income tax. This includes income from retirement accounts like an IRA or a 401(k). It also includes income from both government pensions and private pensions.
The new standard deduction amounts for 2023 are as follows: Single- $10,000. Married Filing Joint: $20,050. Surviving Spouse: $20,050.
The Senior Exemption Application can be applied for by any homeowner that is age 65 or older, and occupies a residential property (single, two, or three family, also including residential condos) as their primary residence.
Rhode Island has three income tax brackets, which increased for the 2023 tax season: 3.75% for $73,450, up from $68,200 in 2022. 4.75% for $73,450 to $166,950, up from $155,050 in 2022. 5.99% for over $166,950, up from $155,050 in 2022.

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Rhode Island has a higher income tax rate of 5.99%, but only on income above $155,050. In Rhode Island, income is taxed at 3.75% up to $68,200 and at 4.75% for $68,200 to $155,050. However, Rhode Island has a higher base sales tax rate of 7%, compared to Massachusettss 6.25%.
Current 2022 credit prices average $0.94-0.97 per dollar of tax credit. Other states with transferable film tax credits currently include Connecticut, Illinois, Massachusetts, Montana, New Jersey, New Mexico, Pennsylvania and Rhode Island.
You may claim this credit if you had income that was taxed by California and another state. The credit will offset the taxes paid to the other state, so you are not paying taxes twice. This credit applies to: Individuals.
Year-End Gift and Estate Tax Planning: Gift/Estate Tax Exemption: Starting in 2023, each U.S. citizen can take advantage of a lifetime exemption of $12.92 million to protect transfers from estate and gift tax. The tax rate for these transfers is 40%. For married couples, the exemption is doubled to $25.84 million.
If a Rhode Island resident works in another state, such as Massachusetts or Connecticut, the wages will be taxed in the state where the wages are earned. The Rhode Island resident may claim a credit for income tax paid to the other state on the RI-1040 resident income tax return. 8.

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