2023 and 2022 contribution rates for employer and individual retirement accounts, including income phase-outs for IRA deductions and ROTH IRA contributions. Employee/individual contribution limits Elective deferral limits 2022 2023 401(k) plans, 403(b) plans, 457(b) plans,...
Links to all of the key numbers for your 2022 planning. Individual Income Tax Planning Alternative Minimum Tax (AMT), child tax credit, earned income tax credit, itemized deductions, kiddie tax, personal exemptions,...
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...
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)...
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...
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,...
Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2021, particularly if...