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2022 Federal Tax Amounts and Limits

To help you stay informed of changes to federal tax amounts and limits, use this quick-reference sheet. Note: This sheet applies only to federal tax laws for the tax year 2022 and not to state tax laws. Information is as of January 1, 2022.

 

General Income Tax

Joint Returns/Surviving Spouse
Min. Max. Tax on Min. Rate on Excess
$0 $20,550 $0 10%
20,550 83,550 2,055.00 12%
83,550 178,150 9,615.00 22%
178,150 340,100 30,427.00 24%
340,100 431,900 69,295.00 32%
431,900 647,850 98,671.00 35%
647,850 - 174,253.50 37%

 

Head of Household
Min. Max. Tax on Min. Rate on Excess
$0 $14,650 $0 10%
14,650 55,900 1,465.00 12%
55,900 89,050 6,415.00 22%
89,050 170,050 13,708.00 24%
170,050 215,950 33,148.00 32%
215,950 539,900 47,836.00 35%
539,900 - 161,218.50 37%

 

Single Individuals
Min. Max. Tax on Min. Rate on Excess
$0 $10,275 $0 10%
10,275 41,775 1,027.50 12%
41,775 89,075 4,807.50 22%
89,075 170,050 15,213.50 24%
170,050 215,950 34,647.50 32%
215,950 539,900 49,335.50 35%
539,900 - 162,718 37%

 

Married Filing Separate
Min. Max. Tax on Min. Rate on Excess
$0 $10,275 $0 10%
10,275 41,775 1,027.50 12%
41,775 89,075 4,807.50 22%
89,075 170,050 15,213.50 24%
170,050 215,950 34,647.50 32%
215,950 323,925 49,335.50 35%
323,925 - 87,126.75 37%

 

Estates and Trusts
Min. Max. Tax on Min. Rate on Excess
$0 $2,750 $0 10%
2,750 9,850 275.00 24%
9,850 13,450 1,979.00 35%
13,450 - 3,239.00 37%

Standard Deduction
Joint Returns and Surviving Spouse $25,900
Heads of Households $19,400
Single Individuals $12,950
Married Filing Separate $12,950
Dependent $1,150, or $400 plus earned income, if greater
Aged or Blind - Unmarried and not Surviving Spouse $1,750 each
Aged or Blind - Other $1,400 each

Kiddie Tax
Amount $1,150
Exemption $2,300
Alternative Minimum Tax Exemption $8,200 plus earned income

Child Tax Credit
Amount $3,000
Refundable Threshold $1,500

AMT Exemption Amounts

Tax Filing Status AMT Exemption Amounts
Joint Returns/Surviving Spouses $118,100
Single Individuals/Head of Household $75,900
Married Filing Separate $59,050
Estates and Trusts $26,500
Excess Taxable Income 28% Applies
Married Filing Separate $103,050
Joint Returns/Surviving Spouses/Single Estates and Trusts $206,100

MAGI Threshold for Net Investment Income Tax (NIIT)

Tax Filing Status MAGI Threshold
Joint Returns/Surviving Spouses $250,000
Single Individuals/Head of Household $200,000
Married Filing Separate $125,000
Estates and Trusts $13,450
Net Investment Income - e.g., interest, dividends, capital gains, rental income, royalty income, non-qualified annuities, passive income from business
Net Investment Income Tax - 3.8% of lesser of MAGI over thresholds OR net investment income

American Opportunity Education Tax Credit

Contribution Limit for 100% Tax Credit $2,000
25% Tax Credit for Amount Between $2,000-$4,000
American Opportunity Tax Credit Phaseout
Joint Return $160,000 / $180,000
All Other $80,000 / $90,000

Capital Gain/Qualified Dividends Rates

Annual Income & Filing Status Capital Gains/Qualified Dividends Rates

Under: $83,350 (joint)
$55,800 (H-O-H)
$41,675 (single & married filing separately)

 0%

$83,350-$517,200 (joint)
$55,800-$488,500 (H-O-H)
$41,675-$459,750 (single)
$41,675-$258,600 (married filing separately)

 15%

Over: $517,200 (joint)
$488,500 (H-O-H)
$459,760 (single)
$258,600 (married filing separately)

 20%

Estate Planning
Gift Tax Annual Exclusion $16,000
Annual Exclusion: Non-U.S. Spouse $164,000
Estate and Gift Tax Unified Credit $4,769,800
Estate and Gift Tax Exclusion Amount $12,060,000
Top Gift and Estate Tax Rate 40%
GST Exemption $12,060,000

Income Tax Charitable Deduction Limitations

Limit1 Gift Charity Value

60%2

50%

50%

 Cash Public FMV
Ordinary Income Public
 Basis
UUTPP Public
 Basis
30%3 LTCG Public
 FMV4
Ordinary Income Public
 Basis
Other than LTCG Private Basis
20%5 LTCG Private Basis6

FMV = fair market value
LTCG = long-term capital gains property
UUTPP = unrelated use tangible personal property

1Percentage of adjusted gross income (AGI), 5-year carryover for disallowed deductions
2Gifts to charity (not for use of charity)
3Lesser of 30% limit or unused 50% limit
4Can elect 50% limit for gifts of LTCG to public charity if use basis as value
5Lesser of 20% limit or unused 30% limit
6FMV for qualified appreciated stock

Source: Tax Cuts and Jobs Act.
 

Tax Management Topics
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