Be Prepared for 2022!

Individual Income Tax

Unmarried Individual (Other than Surviving Spouse and Head of Household)

If taxable income is:

The tax rate of taxable income is:

$10,275 or less

10% of the taxable income

$10,276–$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,776–$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,076–$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,051–$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,951–$539,900

$49,335.50 plus 35% of the excess over $215,950

$539,901 or greater

$162,718 plus 37% of the excess over $539,900

Married Individual Filing Jointly and Surviving Spouse

$20,550 or less

10% of the taxable income

$20,551–$83,550

$2,055 plus 12% of the excess over $20,550

$83,551–$178,150

$9,615 plus 22% of the excess over $83,550

$178,151–$340,100

$30,427 plus 24% of the excess over $178,150

$340,101–$431,900

$69,295 plus 32% of the excess over $340,100

$431,901–$647,850

$98,671 plus 35% of the excess over $431,900

$647,851 or greater

$174,253.50 plus 37% of the excess over $647,850

Married Individual Filing Separately

If taxable income is:

The tax rate of taxable income is:

$10,275 or less

10% of the taxable income

$10,276–$41,775

$1,027.50 plus 12% of the excess over $10,275

$41,776–$89,075

$4,807.50 plus 22% of the excess over $41,775

$89,076–$170,050

$15,213.50 plus 24% of the excess over $89,075

$170,051–$215,950

$34,647.50 plus 32% of the excess over $170,050

$215,951–$323,925

$49,335.50 plus 35% of the excess over $215,950

$323,926 or greater

$87,126.75 plus 37% of the excess over $323,925

Head of Household

If taxable income is:

The tax rate of taxable income is:

$14,650 or less

10% of the taxable income

$14,651–$55,900

$1,465 plus 12% of the excess over $14,650

$55,901–$89,050

$6,415 plus 22% of the excess over $55,900

$89,051–$170,050

$13,708 plus 24% of the excess over $89,050

$170,051–$215,950

$32,145 plus 32% of the excess over $170,050

$215,951–$539,900

$46,385 plus 35% of the excess over $215,950

$539,901 or greater

$161,218.50 plus 37% of the excess over $539,900

Trusts and Estates

If taxable income is:

The tax is:

$2,750 or less

10% of the taxable income

$2,751–$9,850

$275 plus 24% of the excess over $2,750

$9,851–$13,450

$1,979 plus 35% of the excess over $9,850

$13,451 or greater

$3,239 plus 37% of the excess over $13,450

Standard Deductions

Married Filing Jointly and Surviving Spouse

$25,900

Married Filing Separately

$12,950

Single

$12,950

Head of Household

$19,400

Kiddie Tax

Applies to unearned income exceeding $2,300 for children younger than 18 (and full-time students ages 19–24 whose earned income does not exceed half of their support for the year).

The TCJA modified the tax rates and brackets to calculate the tax on unearned income. The SECURE Act of 2019, however, rolled back the kiddie tax to pre-2018 rules. Therefore, net unearned income over the threshold amount of $2,300 for 2022 is taxed using the parents’ tax rates.

AMT

Exemption

Phaseout

Married Individual Filing Jointly and Surviving Spouse

$118,100

$1,079,800

Single

$75,900

$539,900

Married Individual Filing Separately

$59,050

$539,900

Trusts and Estates

$26,500

$88,300

Long-Term Capital Gains and Qualified Dividend Tax

Capital Gains Tax Rate

Unmarried

Married Filing Jointly

20%*

$459,751 or greater                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

$517,201 or greater

15%*

$41,676–$459,750

$83,351–$517,200

0%

$0–$41,675

$0–$83,350

* Additional 3.8 percent unearned income Medicare contribution tax applies to the lesser of net investment income or modified adjusted gross income (MAGI) above the following thresholds:

Married Filing Jointly

$250,000

Married Filing Separately

$125,000

Single

$200,000

Head of Household

$200,000

Health Savings Account (HSA) Maximum Contribution Limits

Self-Only Coverage

If younger than 55: $3,650

If ages 55–65: $4,650

Family Coverage

If younger than 55: $7,300

If ages 55–65: $8,300

Retirement Plan Limits

401(k), SARSEP, Section 457(b), 403(b) Elective Deferral Limit

$20,500

Age 50+ Catch-Up for 401(k), SARSEP, 457(b), 403(b)

$6,500

SIMPLE Elective Deferral Limit

$14,000

Age 50+ Catch-Up for SIMPLE IRA

$3,000

Traditional and Roth IRA Contributions

$6,000

Age 50+ Catch-Up for IRA and Roth IRA

$1,000

Section 415 Limit (Defined Contribution Plan)

$61,000

Defined Benefit Plan Benefit Limit

$245,000

Annual Compensation Limit for QRP, SEP, and 403(b)

$305,000

Highly Compensated Definition

$135,000

Control Employee

$120,000

Key Employee in Top-Heavy Plan Definition

$200,000

IRA Deduction Phaseout for Active Participants

Filing Status

Starting at:

Fully Phased Out at:

Single or Head of Household

$68,000

$78,000

Married Filing Jointly or Qualifying Widow(er)

$109,000

$129,000

Married Filing Jointly and Spouse Is Active Participant in an Employer Plan

$204,000

$214,000

Married Filing Separately and Either Spouse Is Active Participant in an Employer Plan

$0

$10,000

Roth Contribution Income Limits

Filing Status

Starting at:

Fully Phased Out at:

Single

$129,000

$144,000

Married Filing Jointly

$204,000

$214,000

Married Filing Separately

$0

$10,000

Business Health Insurance

Health Insurance Premium Deduction for Self-Employed

100%

Limit on Employee Health Insurance Credit for Small Employers

$28,700

Education Planning

U.S. Savings Bond Income Exclusion Phaseout

Modified AGI $128,650–$158,650 (joint)

Modified AGI $85,800–$100,800 (others)

Coverdell Education Savings Account (Education IRAs) Annual Contribution Limit

$2,000

Coverdell Education Savings Account Phaseout

Modified AGI $190,000–$220,000 (joint)
Modified AGI $95,000–$110,000 (others)

$2,500 American Opportunity Tax (HOPE) Credit Phaseout

Modified AGI $160,000–$180,000 (joint)
Modified AGI $80,000–$90,000 (others)

$2,000 Lifetime Learning Credit Phaseout

Modified AGI $160,000–$180,000 (joint)
Modified AGI $80,000–$90,000 (others)

Phaseout of $2,500 Interest Deduction on Education Loans

Modified AGI $145,000–$175,000 (joint)
Modified AGI $70,000–$85,000 (others)

Federal Estate and Gift Tax

Annual Gift Tax Exclusion per Donee

$16,000

Annual Gift Exclusion to Non-U.S.-Citizen Spouse

$164,000

Estate Tax Exemption

$12,060,000

Lifetime Gift Tax Exemption

$12,060,000

Generation-Skipping Transfer Tax Exemption

$12,060,000

Special Use (Section 2032A) Valuation Reduction

$1,230,000

Long-Term Care Premium Deductions

Qualified LTC Insurance Deductions: Subject to 10 Percent of AGI Medical Expense Floor

Age

Limit

40 and younger

$450

41–50

$850

51–60

$1,690

61–70

$4,510

71 and older

$5,640

Medicaid

Community Spouse Resource Allowance

$27,480 minimum; $137,400 maximum

Monthly Maintenance Allowance

$2,523 minimum; $3,435 maximum

Home Equity Limit

$636,000 (state can opt to increase to $955,000)

“Income Cap” State Income Limit

$2,523

Social Security

CPI Increase in Benefits

5.9%

Maximum Monthly Benefit at Full Retirement

$4,194 month

Retirement Earnings Exempt Amount Under FRA

$19,560; $1 withheld for every $2 earned more than this amount

Retirement Earnings Exempt Amount Year of FRA

$51,960; $1 withheld for every $3 earned more
than this amount

Medicare

Medicare Part A (if applicable)
Monthly Premium

$471 for fewer than 30 quarters of coverage

$259 for between 30 and 39 quarters of coverage

Medicare Part A
Deductible and Coinsurance

$1,556 for 1–60 days

An additional $389 for 61–90 days

$778 for 91–150 days

All costs for more than 150 days

Medicare Part A
Deductible for Skilled Nursing Facility in a Benefit Period

$194.50 per day during 21–100 days

Medicare Part B
Deductible

$233 per year

Medicare Premium

Individual Filer

Married Filing Jointly

Medicare Part B
Monthly Premium

Some Medicare beneficiaries may pay less if certain conditions are met.

$170.10

$238.10

$340.20

$442.30

$544.30

$578.30

$0–$91,000

$91,001–$114,000

$114,001–$142,000

$142,001–$170,000

$170,001–$499,999

$500,000 or greater

$0–$182,000

$182,001–$228,000

$228,001–$284,000

$284,001–$340,000

$340,001–$749,999

$750,000 or greater

Medicare Part D Deductible

The amount paid for Part D deductibles, copayments, and/or coinsurance varies by plan.

Medicare Part D
Monthly Premium Surcharge

(no surcharge)

$12.40 + plan premium

$32.10 + plan premium

$51.70 + plan premium

$71.30 + plan premium

$77.90 + plan premium

$0–$91,000

$91,001–$114,000

$114,001–$142,000

$142,001–$170,000

$170,001–$499,999

$500,000 or greater

$0–$182,000

$182,001–$228,000

$228,001–$284,000

$284,001–$340,000

$340,001–$749,999

$750,000 or greater

Payroll Taxes

Employee

Self-Employed

Social Security Tax

6.2%

12.4%

Social Security Wage Base

$147,000

Medicare Tax

1.45%

2.9%

Additional Medicare Tax

0.9% on Earnings Higher than the Following Thresholds:

Single or Head of Household

$200,000

Married Filing Jointly

$250,000

Married Filing Separately

$125,000