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Key Tax Numbers 2022

  • By Oppenheimer & Co. Inc.
  • January 10, 2022

Every fall, the IRS announces changes to certain key financial figures for the upcoming year. For 2022, there are inflation adjustments to more than 60 tax provisions, which will generally apply to tax returns filed in 2023.

Highlights of the changes can be found below: 

  • The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600. 
  • Marginal Rates: For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly). 

The other rates are:

Tax Rate Taxable Income - Single Married Filing Jointly

35%

$215,951 to $539,900

$431,901 to $647,850

32%

$170,051 to $215,950

$340,101 to $431,900

24%

$89,076 to $170,050

$178,151 to $340,100

22%

$41,776 to $89,075

$83,551 to $178,150

12%

$10,276 to $41,775

$20,551 to $83,550

10%

$10,275 or less

$20,550 or less

 

  • The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800). The 2021 exemption amount was $73,600 and began to phase out at $523,600 ($114,600 for married couples filing jointly for whom the exemption began to phase out at $1,047,200). 
  • Estates of decedents who die during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who died in 2021. 
  • The annual exclusion for gifts increases to $16,000 for calendar year 2022, up from $15,000 for calendar year 2021.

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Quotation from Aenean Pretium

Although the tax rates didn't change, the tax bracket income ranges for the 2022 tax year are adjusted to account for inflation.

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