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...
In November 2021, Congress passed the Infrastructure Investment and Jobs Act, a roughly $1 trillion package that reauthorized existing programs and provided more than $550 billion in new funding over...
Contributing to an employer-sponsored retirement plan or an IRA is a big step on the road to retirement, but contributing to both can significantly boost your retirement assets. A recent...
After being largely dormant for the last decade, inflation roared back in 2021 due to various factors related to the pandemic and economic recovery. For perspective, it may be helpful...
The Social Security Administration (SSA) provides personalized Social Security Statements to help Americans age 18 and older better understand the benefits that Social Security offers. Your Statement contains a detailed...
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase,...
