2022 Tax Year
Tax Preparation
2022 Key Amounts
Standard Deduction
| MFJ or QSS | $25,900 |
| Single | $12,950 |
| HOH | $19,400 |
| MFS | $12,950 |
| Dependent | $1,150 |
Earned Income Credit (Maximum)
| No Children | $560 |
| 1 Child | $3,733 |
| 2 Children | $6,164 |
| > 2 Children | $6,935 |
| Investment income limits | $10,300 |
Kiddle Tax treshold
$2,300
Gift Tax Annual Exclusion
$16,000
Earned Income Credit (Maximum)
| < age 50 | $6,000 |
| ≥ age 50 | $7,000 |
Estate and Gift Tax Exclusion
$12,060,000
Personal Exemption
$0
Standard Mileage Rates
| Business |
58.5¢: 1/1-6/30 62.5¢: 7/1-12/31 |
| Charitable | 14¢ |
| Medical/moving |
18¢: 1/1-6/30 22¢: 7/1-12/31 |
Elective Deferral Limit
Simple IRA Plans
| < age 50 | $14,000 |
| ≥ age 50 | $17,000 |
401(k), 403(b), and 457 Plans
| < age 50 | $20,500 |
| ≥ age 50 | $27,000 |
Profit-Sharing Plan/SEP
| Contribution limit | $61,000 |
| Compensation limit | $305,000 |
Health Savings Accounts (HSAs)
Self-only coverage
| Contribution (deduction) limit | $3,650 |
| Plan minimum deductible | $1,400 |
| Plan out-of-pocket limit | $7,050 |
Family coverage
| Contribution (deduction) limit | $7,300 |
| Plan minimum deductible | $2,800 |
| Plan out-of-pocket limit | $14,100 |
Additional contribution amount if age 55 or older
$1,000
1.Add $1,400 for age 65 or older or blind, each.
2.Add $1,750 for age 65 or older or blind, each.
3.If greater, amount of earned income plus $400 (but not to exceed $12,950).
4.Plus the amount of any deceased spousal unused exclusion and/or any restored exclusion related to lifetime gifts to a
same-sex spouse.
5.For computing employer contributions.
2022 Form 1040 Quick Tax Method
Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income. Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.
2022 AGI Phase-Out Amounts/Ranges
1 Amount at which phase-out begins.
2 Amount at which phase-out is complete.
3 Phase-out that applies if taxpayer is covered by an employer retirement plan. For MFJ, phase-out range for non-covered spouse is $204,000–$214,000.
4 Married individuals filing MFS who live apart at all times during the year are treated as single.
