23 Feb 2022 Key Numbers
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,...
socially responsible investing Tag
23 Feb 2022 Key Numbers-Retirement Planning
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...
23 Feb 2022 Key Numbers-Investment Planning
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...
23 Feb 2022 Key Benefits-Government Benefits
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)...
23 Feb 2022 Key Numbers-Estate Planning
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...
23 Feb 2022 Key Numbers-Protection Planning
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...
23 Feb Federal Tax Filing Season Has Started
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...
18 Feb Will Infrastructure Investment Pave the Way to a Stronger Economy?
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...
17 Feb 401(k) and IRA: A Combined Savings Strategy
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...
21 Jan Two Decades of Inflation
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...