Employee/individual contribution limits Elective deferral limits 2021 2022 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs 1 [Includes Roth 401(k) and Roth 403(b) contributions] Lesser of $19,500 or 100% of participant's compensation Lesser of $20,500 or 100% of...
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...
Maximum tax on long-term capital gains and qualified dividends 0% rate applies (taxable income thresholds) 2021 2022 Single Up to $40,400 Up to $41,675 Married filing jointly Up to $80,800 Up to $83,350 Married filing separately Up to $40,400 Up to $41,675 Head...
Social Security Social Security Cost-of-living adjustment (COLA) 2021 2022 For Social Security and Supplemental Security Income (SSI) beneficiaries 1.30% 5.90% Tax rate--employee 2021 2022 FICA tax -- Employee 7.65% 7.65% Social Security (OASDI) portion of tax 6.20% 6.20% Medicare (HI) portion of tax 1.45%1 1.45%1 Tax rate--self-employed 2021 2022 Self-Employed 15.30% 15.30% Social Security (OASDI)...
Single taxpayers If taxable income is: Your tax is: Not over $10,275 10% of taxable income Over $10,275 to $41,775 $1,027.50 + 12% of the excess over $10,275 Over $41,775 to $89,075 $4,807.50 + 22% of the excess...
Adoption Assistance Programs Adoption assistance 2021 2022 Maximum amount that can be excluded from employee's gross income $14,440 $14,890 Phaseout threshold amount $216,660 $223,410 Completed phaseout amount after $256,660 $263,410 Earnings subject to FICA taxes (taxable wage base) FICA tax 2021 2022 Maximum annual earnings subject to...
Key indexed figures 2021 2022 Annual gift exclusion: $15,000 $16,000 Gift and estate tax applicable exclusion amount: $11,700,000 + DSUEA1 $12,060,000 + DSUEA1 Noncitizen spouse annual gift exclusion: $159,000 $164,000 Generation-skipping transfer (GST) tax exemption: $11,700,0002 $12,060,0002 Special use valuation limit (qualified real property in...
American Opportunity and Lifetime Learning Credits Education credits 2021 2022 Maximum American Opportunity credit $2,500 $2,500 Maximum Lifetime Learning credit $2,000 $2,000 MAGI phaseout range for American Opportunity credit 2021 2022 Single--phaseout threshold amount $80,000 $80,000 Single--completed phaseout amount after $90,000 $90,000 Married filing jointly--phaseout threshold amount $160,000 $160,000 Married filing jointly--completed...
Eligible long-term care premium deduction limits: LTC premium deduction limits 2021 2022 Age 40 or under $450 $450 Age 41-50 $850 $850 Age 51-60 $1,690 $1,690 Age 61-70 $4,520 $4,510 Over age 70 $5,640 $5,640 Per diem limit: LTC periodic payments 2021 2022 Periodic payments for qualified long-term care insurance/certain life insurance $400 $390 Archer Medical...
IRS started accepting returns: Monday, January 24, 2022 Filing deadline for most individuals: Monday, April 18, 2022 Tuesday, April 19, 2022, if you live in Maine or Massachusetts Monday, October 17, 2022, if you file for an...