Key Tax Numbers 2022


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $                -    $         10,275  $                 -   10.0%  $                 -  
 $         10,275  $         41,775  $       1,027.50 12.0%  $           10,275
 $         41,775  $         89,075  $       4,807.50 22.0%  $           41,775
 $         89,075  $       170,050  $     15,213.50 24.0%  $           89,075
 $       170,050  $       215,950  $     34,647.50 32.0%  $         170,050
 $       215,950  $       539,900  $     49,335.50 35.0%  $         215,950
 $       539,900  NA   $    162,718.00 37.0%  $         539,900
Head of Household  $                -    $         14,650  $                 -   10.0%  $                 -  
 $         14,650  $         55,900  $       1,465.00 12.0%  $           14,650
 $         55,900  $         89,050  $       6,415.00 22.0%  $           55,900
 $         89,050  $       170,050  $     13,708.00 24.0%  $           89,050
 $       170,050  $       215,950  $     33,148.00 32.0%  $         170,050
 $       215,950  $       539,900  $     47,836.00 35.0%  $         215,950
 $       539,900   NA    $    161,218.50 37.0%  $         539,900
Married Filing Jointly  $                -    $         20,550  $                 -   10.0%  $                 -  
 $         20,550  $         83,550  $       2,055.00 12.0%  $           20,550
 $         83,550  $       178,150  $       9,615.00 22.0%  $           83,550
 $       178,150  $       340,100  $     30,427.00 24.0%  $         178,150
 $       340,100  $       431,900  $     69,295.00 32.0%  $         340,100
 $       431,900  $       647,850  $     98,671.00 35.0%  $         431,900
 $       647,850   NA    $    174,253.50 37.0%  $         647,850

 

Federal Dividend & Long-Term Capital Gain Rules

 

Long-Term Capital Gains Tax Rate Single Married Filing Jointly Head of Household
0.0%  $         41,675  $         83,350  $          55,800
15.0%  $       459,750  $       517,200  $        488,500
20.0%  N/A   N/A   N/A 

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $                 20,500  $                  6,500  
Total Defined Contrib Limit  $                 61,000  $                  6,500  
Defined Contrib Income Limit  $               305,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $                 14,000  $                  3,000  
Defined Benefit Limit  $               245,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                   6,000  $                  1,000 Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts)
Child Tax Credit  $                   2,000   $2k per child under age 17.  Phased out by AGI (see Phaseouts).  Note for 2021 only, this amount is increased to $3k for children 6-17, and $3600 for children under 6.
Max Child or Dependent Care Credit Qualifying Expenses - one child  $                   3,000    
Max Child or Dependent Care Credit Qualifying Expenses - > one child  $                   6,000    
Adoption Credit  $                 14,890   Phased out by AGI (see Phaseouts)
Lifetime Learning Credit Maximum  $                   2,000   Phased out by AGI (see Phaseouts)
American Opportunity Credit Maximum  $                   2,500   Amended by AARTA (2009)Phased out by AGI (see Phaseouts)

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $           129,000  $           144,000  
Married Filing Jointly  $           204,000  $           214,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $             68,000  $             78,000  
Married Filing Jointly  $           109,000  $           129,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $           204,000  $           214,000  
AMT Exemption Single / HoH  $           539,900  $           843,500 Phased out $1 for every $4 of AMTI over threshold.
Married Filing Jointly  $        1,079,800  $        1,552,200
Child Tax Credit Single / HoH  $           200,000  $           240,000 Based on MAGI, not AGI (not indexed for inflation)
Married Filing Jointly  $           400,000  $           440,000
Savings Bond Interest Exemption (for edu) Single  $             85,800  $           100,800  
Married Filing Jointly  $           128,650  $           158,650
Student Loan Interest Deduction Single  $             70,000  $             85,000  
Married Filing Jointly  $           145,000  $           175,000
Saver's Credit Single  $             34,000  N/A   
Head of Household  $             51,000  N/A 
Married Filing Jointly  $             68,000  N/A 
Qualified Businss Income Single  $           170,050  $           220,050  
Married Filing Jointly  $           340,100  $           440,100  
American Opportunity Credit Single  $             80,000  $             90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $           180,000
Adoption Credit All  $           223,410  $           263,410  
Lifetime Learning Credit Single  $             80,000  $             90,000 Updated by the 2021 Consolidated Appropriations Act
Married Filing Jointly  $           160,000  $           180,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $                 -   Eliminated by TCJA ($4450 for other places in the tax code)
AMT Exemption Single or HoH  $           75,900 Now permanent and indexed for inflation (ATRA 2013). 
Married Filing Jointly  $         118,100
Standard Deduction Single  $           12,950  
Head of Household  $           19,400
Married Filing Jointly  $           25,900
Add'l SD if Age >=65 or blind Single  $            1,750  
Married Filing Jointly  $            1,400
Social Security Wage Base All  $         147,000  
Kiddie Tax Income Limit All  $            1,150  
Nanny Tax Threshold All  $            2,400  
Qualified Transportation Fringe All  $               280 Monthly transportation in a commuter highway vehicle and any transit pass
Student Loan Interest Deduction Maximum All  $            2,500 Phased out by AGI (see Phaseouts)
Annual Gift Tax Exclusion All  $           16,000  
Lifetime Gift / Estate Tax Exemption All  $    12,060,000  
Foreign Earned Income Exclusion All  $         112,000  
Highly Compensated Employee All  $         135,000  
Key Employee All  $         200,000  
Health FSA Max All  $            2,850 Max carryover (if plan allowed) is $550
PBGC Max Monthly Pension (age 65) All  $            6,205 Age 65 Stright Life Annuity Amount
Section 179 Max Deduction All  $      1,080,000 Expensing of business property rather than depreciating it over time.  Phased out $ for $ if property totals >$2.7M. 
HDHP Min Deductible Single  $            1,400  
Married Filing Jointly  $            2,800
HSA Contribution Limit Single  $            3,650 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $            7,300
Mileage Rate Business  $ 0.585 / 0.625 Businss and med/move rate increased to $0.625 and $0.22 respectively, starting 7/1.
Med & Move  $ 0.180 / 0.220
Charity  $            0.140

 

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