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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.