Adoption credit
| Adoption credit |
2021 |
2022 |
| Maximum credit |
$14,440 |
$14,890 |
| Phaseout threshold amount |
$216,660 |
$223,410 |
| Completed phaseout amount after |
$256,660 |
$263,410 |
Alternative Minimum Tax (AMT)
| Maximum AMT exemption amount |
2021 |
2022 |
| Married filing jointly or surviving spouse |
$114,600 |
$118,100 |
| Single or head of household |
$73,600 |
$75,900 |
| Married filing separately |
$57,300 |
$59,050 |
| AMT income exemption phaseout threshold |
2021 |
2022 |
| Married filing jointly or surviving spouse |
$1,047,200 |
$1,079,800 |
| Single or head of household |
$523,600 |
$539,900 |
| Married filing separately |
$523,600 |
$539,900 |
| AMT tax rate (26% rate applies to AMTI at or below amount; 28% applies to AMTI above amount) |
2021 |
2022 |
| All taxpayers except married filing separately |
$199,900 |
$206,100 |
| Married filing separately |
$99,950 |
$103,050 |
Charitable deductions
| Use of auto |
2021 |
2022 |
| Deductible standard mileage rate |
$0.14 |
$0.14 |
| Charitable fundraising “insubstantial benefit” limitation |
2021 |
2022 |
| Low-cost article (re: unrelated business income) |
$11.30 |
$11.70 |
| Gifts to donor in return for contribution |
2021 |
2022 |
| Token gift maximum cost1 |
$11.30 |
$11.70 |
| Minimum contribution amount1 |
$56.50 |
$58.50 |
| 2% threshold amount2 |
$113 |
$117 |
1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum
2 Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution
Child tax credit
| Amount of credit |
2021 |
|
| Maximum credit per qualifying child |
$3,000 ($3,600 for children under age 6) |
$2,000 |
| Nonrefundable credit for dependents who are not qualifying children |
$500 |
$500 |
| Phaseout — credit reduced by $50 for each $1,000 or fraction thereof of MAGI over (but not to be reduced below $2,000): |
2021 |
2022 |
| Married filing jointly or surviving spouse |
$150,000 |
N/A |
| Head of household |
$112,500 |
N/A |
| Single or married filing separately |
$75,000 |
N/A |
| Phaseout — any remaining credit reduced by $50 for each $1,000 or fraction thereof of MAGI over: |
2021 |
2022 |
| Married filing jointly |
$400,000 |
$400,000 |
| All other filing status |
$200,000 |
$200,000 |
| Refundability — up to specified percentage of earned income in excess of specified amount1 |
2021 |
2022 |
| Percentage |
N/A |
15% |
| Amount |
N/A |
$2,500 |
| Maximum refundable amount of credit |
Fully refundable1 |
$1,500 |
1For 2021, generally fully refundable; partially refundable if no principal place of abode in U.S. for one-half of year.
Classroom expenses of elementary and secondary school teachers
| Classroom expense deduction |
2021 |
2022 |
| Maximum above-the-line deduction |
$250 |
$300 |
Earned income tax credit (EITC)
| Investment income limit |
2021 |
2022 |
| Excessive investment income limit (“disqualified income limit”) |
$10,000 |
$10,300 |
| Maximum amount of EITC per number of children |
2021 |
2022 |
| 0 children |
$1,502 |
$560 |
| 1 child |
$3,618 |
$3,733 |
| 2 children |
$5,980 |
$6,164 |
| 3 or more children |
$6,728 |
$6,935 |
| Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received) |
2021 |
2022 |
| 0 children |
$9,820 |
$7,320 |
| 1 child |
$10,640 |
$10,980 |
| 2 or more children |
$14,950 |
$15,410 |
| Threshold phaseout amount for joint filers per number of children |
2021 |
2022 |
| 0 children |
$17,560 |
$15,290 |
| 1 child |
$25,470 |
$26,260 |
| 2 children |
$25,470 |
$26,260 |
| 3 or more children |
$25,470 |
$26,260 |
| Threshold phaseout amount for other filers per number of children |
2021 |
2022 |
| 0 children |
$11,610 |
$9,160 |
| 1 child |
$19,520 |
$20,130 |
| 2 children |
$19,520 |
$20,130 |
| 3 or more children |
$19,520 |
$20,130 |
| Completed phaseout amount for joint filers per number of children |
2021 |
2022 |
| 0 children |
$27,380 |
$22,610 |
| 1 child |
$48,108 |
$49,622 |
| 2 children |
$53,865 |
$55,529 |
| 3 or more children |
$57,414 |
$59,187 |
| Completed phaseout amount for other filers per number of children |
2021 |
2022 |
| 0 children |
$21,430 |
$16,480 |
| 1 child |
$42,158 |
$43,492 |
| 2 children |
$47,915 |
$49,399 |
| 3 or more children |
$51,464 |
$53,057 |
Expatriation
| Covered expatriate |
2021 |
2022 |
| An individual with “average annual net income tax” of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of IRC §877A(g)(1) |
$172,000 |
$178,000 |
| IRC §877A(3) exclusion amount |
$744,000 |
$767,000 |
Foreign earned income
| Amount excluded from income |
2021 |
2022 |
| Exclusion amount |
$108,700 |
$112,000 |
Itemized deductions
| Phaseout threshold |
2021 |
2022 |
| Married filing jointly |
N/A |
N/A |
| Head of household |
N/A |
N/A |
| Unmarried |
N/A |
N/A |
| Married filing separately |
N/A |
N/A |
Kiddie tax
| Unearned income limit |
2021 |
2022 |
| Amount exempt from tax |
$1,100 |
$1,150 |
| Additional amount taxed at child’s rate |
$1,100 |
$1,150 |
| Unearned income over this amount generally taxed at parents’ tax rates |
$2,200 |
$2,300 |
| Parent’s election |
2021 |
2022 |
| Election to include child’s income on parent’s return — child’s gross income requirement |
$1,100 – $11,000 |
$1,150 – $11,500 |
| AMT |
2021 |
2022 |
| AMT exemption for child subject to kiddie tax |
Lesser of $7,950 + child’s earned income or $73,600 |
Lesser of $8,200 + child’s earned income or $75,900 |
Medicare tax (additional payroll tax and unearned income contribution tax)
| Payroll tax |
2021 |
2022 |
| Additional Medicare payroll tax (and self-employment tax) percentage rate |
0.90% |
0.90% |
| Applies to wages/self-employment income exceeding |
2021 |
2022 |
| Individuals |
$200,000 |
$200,000 |
| Married filing jointly |
$250,000 |
$250,000 |
| Married filing separately |
$125,000 |
$125,000 |
| Tax on unearned income |
2021 |
2022 |
| Unearned income Medicare contribution tax rate |
3.80% |
3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding |
2021 |
2022 |
| Individuals |
$200,000 |
$200,000 |
| Married filing jointly |
$250,000 |
$250,000 |
| Married filing separately |
$125,000 |
$125,000 |
Nanny tax
| Compensation threshold |
2021 |
2022 |
| Domestic employee coverage threshold |
$2,300 |
$2,400 |
Personal exemption amount
| Amount |
2021 |
2022 |
| Personal exemption amount |
N/A |
N/A |
| Married filing jointly |
2021 |
2022 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Head of household |
2021 |
2022 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Unmarried |
2021 |
2022 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
| Married filing separately |
2021 |
2022 |
| Phaseout threshold amount |
N/A |
N/A |
| Completed phaseout amount after |
N/A |
N/A |
“Saver’s Credit”
| Elective Deferrals and IRA or ABLE Contributions by Certain Individuals |
2021 |
2022 |
| Maximum credit amount |
$1,000 |
$1,000 |
| Applicable percentage of 50% applies to AGI |
2021 |
2022 |
| Joint Return |
$0 – $39,500 |
$0 – $41,000 |
| Head of Household |
$0 – $29,625 |
$0 – $30,750 |
| Other |
$0 – $19,750 |
$0 – $20,500 |
| Applicable percentage of 20% applies to AGI |
2021 |
2022 |
| Joint Return |
$39,501 – $43,000 |
$41,001 – $44,000 |
| Head of Household |
$29,626 – $32,250 |
$30,751 – $33,000 |
| Other |
$19,751 – $21,500 |
$20,501 – $22,000 |
| Applicable percentage of 10% applies to AGI |
2021 |
2022 |
| Joint Return |
$43,001 – $66,000 |
$44,001 – $68,000 |
| Head of Household |
$32,251 – $49,500 |
$33,001 – $51,000 |
| Other |
$21,501 – $33,000 |
$22,001 – $34,000 |
| Applicable percentage of 0% applies to AGI |
2021 |
2022 |
| Joint Return |
Over $66,000 |
Over $68,000 |
| Head of Household |
Over $49,500 |
Over $51,000 |
| Other |
Over $33,000 |
Over $34,000 |
Standard deductions
| Amounts |
2021 |
2022 |
| Married filing jointly or surviving spouse |
$25,100 |
$25,900 |
| Head of household |
$18,800 |
$19,400 |
| Unmarried |
$12,550 |
$12,950 |
| Married filing separately |
$12,550 |
$12,950 |
| Dependent–Standard deduction cannot exceed the greater of: |
$1,100 or $350 + earned income |
$1,150 or $400 + earned income |
| Additional deduction for aged or blind (single or head of household) |
$1,700 |
$1,750 |
| Additional deduction for aged or blind (all other filing statuses) |
$1,350 |
$1,400 |
Standard mileage rates
| Applicable rates |
2021 |
2022 |
| Use of auto for business purposes (cents per mile) |
$0.56 |
$0.585 |
| Use of auto for medical purposes (cents per mile) |
$0.16 |
$0.18 |
| Use of auto for moving purposes (cents per mile) |
$0.16 |
$0.18 |
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