IRS tax season is officially open in the United States. April 15, 2024 is the deadline for crypto holders to report their 2023 transactions to the Internal Revenue Service (IRS).
The 2023 tax year includes any activity between January 1, 2023 and December 31, 2023. Late filings, failure to pay taxes owed and crypto tax evasion all carry potential penalties ranging from fines to jail sentences. We will cover these below.
2023 U.S. federal income tax brackets
Tax rateSingleHead of householdMarried filing jointlyMarried filing separately10%$0 to $11,000$0 to $22,000$0 to $11,000$0 to $15,70012%$11,001 to $44,725$22,001 to $89,450$11,001 to $44,725$15,701 to$59,85022%$44,726 to $95,375$89,451 to $190,750$44,726 to $95,375$59,851 to$95,35024%$95,376 to $182,100$190,751 to $364,200$95,376 to $182,100$95,351 to $182,10032%$182,101 to $231,250$364,201 to $462,500$182,101 to $231,250$182,101 to $231,25035%$231,251 to $578,125$462,501 to $693,750$231,251 to $346,875$231,251 to $578,10037%$578,126or more$693,751or more$346,876or more$578,101or moreSource: Internal Revenue ServiceThe tax brackets for U.S. federal income tax apply to short-term capital gains
2023 long-term capital gains rates
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