NRG Tax Update

Staying up to date on life’s biggest expense.

Income Tax

For tax year 2025, the top tax rate remains 37% for individual single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly). The other rates are:

  • 35% for incomes over $250,525 ($501,050 for married couples filing jointly).
  • 32% for incomes over $197,300 ($394,600 for married couples filing jointly).
  • 24% for incomes over $103,350 ($206,700 for married couples filing jointly).
  • 22% for incomes over $48,475 ($96,950 for married couples filing jointly).
  • 12% for incomes over $11,925 ($23,850 for married couples filing jointly).
  • 10% for incomes $11,925 or less ($23,850 or less for married couples filing jointly).

Year-End Checklist:

Estimated Tax Payments: If you expect to owe $1,000 or more when your return is filed, you are required to pay estimated taxes throughout the year. Touch base with your CPA before 12/31 to ensure you’re caught up; a penalty is assessed for underpayment.

Required Minimum Distributions from Inherited IRAs: If you are a beneficiary of an IRA, you may be required to take a distribution from the account before 12/31. Despite the IRS’s clarification over the summer, the rules remain complicated. Distribution calculations differ for beneficiaries depending on their age, the age of the decedent when they died, whether the money is pre- or post-tax, and more. Detailed information about these distributions can be found on the IRS site here.

Please reach out to your Nemes Rush advisor for a more personalized discussion of how these potential changes may affect your specific situation. Contact Us!

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