| STANDARD DEDUCTION | 2021 | 2022 |
|---|---|---|
| Married-Joint | $25,100 | $25,900 |
| Single | $12,550 | $12,950 |
| Married-Separate | $12,550 | $12,950 |
| Head of Household | $18,800 | $19,400 |
| Foreign Earned Income Exclusion | $108,700 | $112,000 |
| Maximum Taxable Social Security Earnings Base | $142,800 | $147,000 |
| RATE | SINGLE | HEAD OF HOUSEHOLD | MARRIED-JOINT | MARRIED-SEPERATE |
|---|---|---|---|---|
| 10% | $0 – $9,950 | $0 – $14,200 | $0 – $19,900 | $0 – $9,950 |
| 12% | $9,951 – $40,525 | $14,201 – $54,200 | $19,901 – $81,050 | $9,951 – $40,525 |
| 22% | $40,526 – $86,375 | $54,201 – $86,350 | $81,051 – $172,750 | $40,526 – $86,375 |
| 24% | $86,376 – $164,925 | $86,351 – $164,900 | $172,751 – $329,850 | $86,376 – $164,925 |
| 32% | $164,926 – $209,425 | $164,901 – $209,400 | $329,851 – $418,850 | $164,926 – $209,425 |
| 35% | $209,426 – $523,600 | $209,401 – $523,600 | $418,851 – $628,300 | $209,426 – $314,150 |
| 37% | Over $523,600 | Over $523,600 | Over $628,300 | Over $314,150 |
| RATE | SINGLE | HEAD OF HOUSEHOLD | MARRIED-JOINT | MARRIED-SEPERATE |
|---|---|---|---|---|
| 10% | $0 – $10,275 | $0 – $14,650 | $0 – $20,550 | $0 – $10,275 |
| 12% | $10,276 – $41,775 | $14,651 – $55,900 | $20,551 – $83,550 | $10,276 – $41,775 |
| 22% | $41,776 – $89,075 | $55,901 – $89,050 | $83,551 – $178,150 | $41,776 – $89,075 |
| 24% | $89,076 – $170,050 | $89,051 – $170,050 | $178,151 – $340,100 | $89,076 – $170,050 |
| 32% | $170,051 – $215,950 | $170,051 – $215,950 | $340,101 – $431,900 | $170,051 – $215,950 |
| 35% | $215,951 – $539,900 | $215,951 – $539,900 | $431,901 – $647,850 | $215,951 – $323,925 |
| 37% | Over $523,900 | Over $539,900 | Over $647,850 | Over $323,925 |
| OVER | BUT NOT OVER | THE TAX IS | …OF AMOUNT OVER |
|---|---|---|---|
| $0 | $2,650 | 10% | $0 |
| $2,650 | $9,550 | $265 + 24% | $2,650 |
| $9,550 | $13,050 | $1,921 + 35% | $9,550 |
| $13,050 | $3,146 + 37% | $13,050 |
| OVER | BUT NOT OVER | THE TAX IS | …OF AMOUNT OVER |
|---|---|---|---|
| $0 | $2,750 | 10% | $0 |
| $2,750 | $9,850 | $275 + 24% | $2,750 |
| $9,850 | $13,450 | $1,979 + 35% | $9,850 |
| $13,450 | $3,146 + 37% | $13,450 |
| 2021 EXECPTION | PHASE-OUT THRESHOLD | COMPLETE PHASE-OUT OF EXEMPTION | |
|---|---|---|---|
| Married Filing Jointly | $114,600 | $1,047,200 | $1,505,600 |
| Married Filing Single | $57,300 | $523,600 | $818,000 |
| Single | $73,600 | $523,600 | $818,000 |
| Estates and Trust | $25,700 | $85,650 | $188,450 |
| 2022 EXECPTION | PHASE-OUT THRESHOLD | COMPLETE PHASE-OUT OF EXEMPTION | |
|---|---|---|---|
| Married Filing Jointly | $118,100 | $1,079,800 | $1,552,200 |
| Married Filing Single | $59,050 | $539,900 | $776,100 |
| Single | $75,900 | $539,900 | $843,500 |
| Estates and Trust | $26,500 |
| FILING STATUS | 0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS |
|---|---|---|---|
| Married Filing Jointly | Up To $80,800 | $80,801 – $501,600 | Over $501,600 |
| Head of Household | Up To $54,100 | $54,100 – $473,750 | Over $473,750 |
| Single | Up To $40,400 | $40,401 – $445,850 | Over $445,850 |
| Married Filing Single | Up To $40,400 | $40,401 – $250,800 | Over $250,800 |
| Trusts & Estates | Up To $2,700 | $2,701 – $13,250 | Over $13,250 |
| FILING STATUS | 0% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 15% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS | 20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS |
|---|---|---|---|
| Married Filing Jointly | Up to $83,350 | $83,351 – $517,200 | Over $517,200 |
| Head of Household | Up to $55,800 | $55,801 – $488,500 | Over $488,500 |
| Single | Up to $41,675 | $41,676 – $459,750 | Over $459,750 |
| Married Filing Single | Up to $41,675 | $41,676 – $258,600 | Over $258,600 |
| Trusts & Estates | Up to $2,800 | $2,801 – $13,700 | $13,700 |
| 2021 | 2022 | |
|---|---|---|
| Gift Tax Exemption | $11,700,000 | $12,060,000 |
| Estate Tax Exemption | $11,700,000 | $12,060,000 |
| GST Tax Exemption | $11,700,000 | $12,060,000 |
| Annual Exclusion | $15,000 | $16,000 |
| Annual Exclusion (For gifts to spouses who are not U.S. Citizens) | $159,000 | $164,000 |
| PLAN TYPES | 2021 LIMITS | 2022 LIMITS |
|---|---|---|
| Defined Contribution Plans | $58,000 | $61,000 |
| Defined Benefit Plans | $230,000 | $245,000 |
| Defined Contribution Plans – 401(k), 403(B) and 457 and Thrift Plans under Age 50 | $19,500 | $20,500 |
| Age 50 and Older | $26,000 | $27,000 |
| Simple Plans: Under Age 50 | $13,500 | $14,000 |
| Age 50 and Older | $16,500 | $17,000 |
| Qualified Plans – Annual Compensation Limit | $290,000 | $305,000 |
| Traditional IRA AGI Phase-Out (MFJ with participant in employer plan) | $105,000 | $109,000 |
| Traditional IRA AGI Phase-Out (MFJ with taxpayer not an active participant, spouse in employer plan) | $198,000 | $204,000 |
| Traditional IRA AGI Phase-Out (Single/HOH) | $66,000 | $68,000 |
| Roth IRA Contributions AGI Phase-Out (Single/HOH) | $125,000 | $140,000 |
| Roth IRA Contributions AGI Phase-Out (MFJ) | $198,000 | $208,000 |
| Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (MFJ) | $66,000 | $68,000 |
| Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (HOH) | $49,500 | $51,000 |
| Income Limit for Saver’s Credit (Retirement Savings Contributions Credit) (Single/MFS) | $33,000 | $34,000 |
| OTHER THRESHOLDS | 2021 LIMITS | 2022 LIMITS |
| SEP Annual Contribution Limit | $58,000 | $61,000 |
| Key Employee in a Top-Heavy Plan | $185,000 | $200,000 |
| Highly Compensated Employee | $130,000 | $135,000 |
| CONTRIBUTION LIMITS 2021 | 2021 | 2022 |
|---|---|---|
| Single/Family | $3,600/$7,200 | $3,650/$7,300 |
| Age 55 + IRA Catch-up Contribution | $1,000 | $1,000 |
| Age 55 + Catch-up contributions to 401(k), 403(B) and 457 and Thrift Plans | $6,500 | $6,500 |
| Catch-up contributions to SIMPLEs | $3,000 | $3,000 |
| FILING STATUS | NO CHILDREN | ONE CHILD | TWO CHILDREN | THREE OR MORE CHILDREN | |
|---|---|---|---|---|---|
| SINGLE OR HEAD OF HOUSEHOLD | Income at Max Credit | $7,320 | $10,980 | $15,410 | $15,410 |
| Maximum Credit | $560 | $3,733 | $6,164 | $6,935 | |
| Phaseout Begins | $9,160 | $20,130 | $20,130 | $20,130 | |
| Phaseout Ends (Credit Equals Zero) | $16,480 | $43,492 | $49,399 | $53,057 | |
| MARRIED FILING JOINTLY | Income at Max Credit | $7,320 | $10,980 | $15,410 | $15,410 |
| Maximum Credit | $560 | $3,733 | $6,164 | $6,935 | |
| Phaseout Begins | $15,920 | $26,260 | $26,260 | $26,260 | |
| Phaseout Ends (Credit Equals Zero) | $22,610 | $49,622 | $55,529 | $59,187 |
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