Key Tax Numbers & Dates for 2022
IRS Tax Rates, Tax Credits, Retirement Contributions, & Tax Deadlines
Every year, the IRS makes tax inflation adjustments to various tax provisions, including the federal tax rate schedules and other tax changes. This article provides information about these adjusted tax numbers for the 2022 tax year.
Important Tax Numbers for 2022
Here are the tax figures that you should be aware of during 2022:
Individual Income Tax Rates & Brackets
There are 7 federal income tax brackets for 2022. They are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
For 2022, the standard deduction amounts are $12,950 for single filers and married couples filing separate returns, $25,900 for married couples filing jointly, and $19,400 for head of household filers.
NOTE: The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
Alternative Minimum Tax (AMT)
The Alternative Minimum Tax exemption amount for 2022 is $75,900 and begins to phase out at $539,900 for single filers ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800).
Estates of decedents who die during 2022 have a basic exclusion amount of $12,060,000.
For 2022, the annual exclusion for gifts increases to $16,000.
Earned Income Tax Credit (EITC)
The maximum amount you can claim for the Earned Income Tax Credit in 2022 is:
- $560 for single and married/joint filers with 0 children
- $3,733 for qualifying taxpayers with 1 qualifying child
- $6,164 for qualifying taxpayers with 2 qualifying children
- $6,935 for qualifying taxpayers with 3 or more qualifying children
Child Tax Credit (CTC)
The Child Tax Credit was temporarily expanded for 2021, but it will revert back to its original form in 2022. The CTC is worth up to $2,000 per qualifying child, with income phaseout limits starting at $200,000 for single filers and $400,000 for married couples filing jointly.
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Adoption Tax Credit
The maximum credit allowed for adoptions for tax year 2022 is the amount of qualified adoption expenses up to $14,890.
Lifetime Learning Credit (LLC)
The modified adjusted gross income (MGAI) amount used by joint filers to determine the reduction in the Lifetime Learning Credit provided in § 25A(d)(2) is not adjusted for inflation for taxable years beginning after December 31, 2020. The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns).
Foreign Earned Income Exclusion
For tax year 2022, the foreign earned income exclusion is $112,000.
Flexible Spending Arrangements (FSAs)
Beginning in 2022, the dollar limitation for employee salary reductions for contributions to health FSAs increases to $2,850. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $570.
Medical Savings Accounts (MSAs)
For tax year 2022, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,450 but not more than $3,700. For self-only coverage, the maximum out-of-pocket expense amount is $4,950. For family coverage, the annual deductible is not less than $4,950, however, the deductible cannot be more than $7,400. For family coverage, the out-of-pocket expense limit is $9,050.
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Important Tax Dates & Deadlines in 2022
Here are the tax due dates that you should be aware of for the 2022 calendar year:
Individuals: Estimated Tax payments are due and can be paid using Form 1040-ES. This is the final installment date for 2021 Estimated Tax.
Individuals: Submit a new Form W-4 to your employer if you claimed exemption from income tax withholding last year and want to continue your exemption for another year.
Partnerships: Annual tax returns are due. File a 2021 Form 1065 and provide each partner with a copy of their Schedule K-1 (or substitute Schedule K-1).
S Corporations: Annual tax returns are due. File a 2021 Form 1120-S and pay any tax due. Provide each shareholder with a copy of their Schedule K-1 (or substitute Schedule K-1).
Individuals: Annual income tax returns are due. File a 2021 Form 1040 (or Form 1040-SR) and pay any tax due. If you live in Maine or Massachusetts, you may file by April 19. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest. This is also the deadline for the first installment of 2022 Estimated Tax, which can be paid using Form 1040-ES.
Corporations: Annual tax returns are due. File a 2021 Form 1120 and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.
Individuals: Estimated Tax payments are due and can be paid using Form 1040-ES. This is the second installment date for 2022 Estimated Tax.
Individuals: Estimated Tax payments are due and can be paid using Form 1040-ES. This is the third installment date for 2021 Estimated Tax.