Tax Guide For 2022

Shawn Plummer

CEO, The Annuity Expert

Did you know that the government is planning changes to how taxes are collected? That means there are new things to keep in mind when filing your income tax return. In this guide, we will explore what you need to know about 2022 taxes and provide tips on how to avoid any issues with the IRS.

Income Taxes For Single Filers

Taxable IncomeTax Rate
$0–$10,27510% of taxable income
$10,276–$41,775$1,027.50 plus 12% of the amount over $10,275
$41,776–$89,075$4,807.50 plus 22% of the amount over $41,775
$89,076–$170,050$15,213.50 plus 24% of the amount over $89,075
$170,051–$215,950$34,647.50 plus 32% of the amount over $170,050
$215,951–$539,900$49,335.50 plus 35% of the amount over $215,950
$539,901+$162,718 plus 37% of the amount over $539,900
https://www.irs.gov/pub/irs-drop/rp-21-45.pdf

Income Taxes For Married filing jointly or qualifying widower

Taxable IncomeTax Rate
$0–$20,55010% of taxable income
$20,551–$83,550$2,055 plus 12% of the amount over $20,550
$83,551–$178,150$9,615 plus 22% of the amount over $83,550
$178,151–$340,100$30,427 plus 24% of the amount over $178,150
$340,101–$431,900$69,295 plus 32% of the amount over $340,100
$431,901–$647,850$98,671 plus 35% of the amount over $431,900
$647,851+$174,253.50 plus 37% of the amount over $647,850

Income Taxes For Head of Household

Taxable IncomeTax Rate
$0–$14,65010% of taxable income
$14,651–$55,900$2,465 plus 12% of the amount over $14,650
$55,901–$89,050$6,415 plus 22% of the amount over $55,900
$89,051–$170,050$13,708 plus 24% of the amount over $89,050
$170,051–$215,950$33,148 plus 32% of the amount over $170,050
$215,951–$539,900$47,836 plus 35% of the amount over $215,950
$539,901+$161,218.50 plus 37% of the amount over $539,900

Income Taxes For Estates and Trusts

Taxable IncomeTax Rate
$0–$2,75010% of taxable income
$2,751–$9,850$275 plus 24% of the amount over $2,750
$9,851–$13,450$1,979 plus 35% of the amount over $9,850
$13,451+$3,239 plus 37% of the amount over $13,450

Estate tax and generation-skipping transfer tax

  • $12.06 million exemption; 40% tax rate
  • $24.12 million married couple; 40% tax rate

Annual gift tax exclusion

  • $16,000

Standard Tax Deductions

Filing StatusStandard Deduction
Married filing jointly$25,900
Head of household$19,400
Single/married filing separately$12,950
Additional (age
65/older, or blind): Married filing jointly
$1,400
Additional (age
65/older, or blind): Single, not a surviving spouse
$1,750

Long-Term Capital gains and qualified dividend tax

Filing status/incomeLong-term capital
gains & qualified
dividend rate
Single: $0–$41,6750%
Joint: $0–$83,3500%
Head of household: $0–$55,8000%
Single: $41,676–$459,75015%
Joint: $83,351–$517,20015%
Head of household: $55,801–$488,50015%
Single: $459,751+20%
Joint: $517,201+20%
Head of household: $488,501+20%

Short-Term Capital gains and qualified dividend tax

Filing status/incomeLong-term capital
gains & qualified
dividend rate
Single: $0–$10,27510%
Joint: $0–$20,55010%
Head of household: $0–$14,65010%
Single: $10,276–$41,77512%
Joint: $20,551–$83,55012%
Head of household: $14,651–$55,90012%
Single: $41,776–$89,07522%
Joint: $83,551–$178,15022%
Head of household: $55,901–$89,05022%
Single: $89,076–$170,05024%
Joint: $178,151–$340,10024%
Head of household: $89,051–$170,05024%
Single: $170,051–$215,95032%
Joint: $340,101–$431,90032%
Head of household: $170,051–$215,95032%
Single: $215,951–$539,90035%
Joint: $431,901–$647,85035%
Head of household: $215,951–$539,90035%
Single: $539,901+37%
Joint: $647,851+37%
Head of household: $539,901+37%

Child Tax Credit

Per child under age 6$3,600
Per child age 6-17$3,000
Per non-qualifying dependent$500
Phase-outsAGI over $75,000 for single filers
Phase-outsAGI over $112,500 for head of household
Phase-outsAGI over $150,000 for joint
*Pending congressional legislation action.

IRA contributions

  • Traditional or Roth IRA: $6,000
  • Catch-up—age 50 or older: $1,000

Phase-out range for deductible contributions to traditional IRAs

Single/head of household$68,000 – $78,000
Married filing jointly$109,000 – $129,000
Married filing separately$0 – $10,000
Non-covered participant with a covered-participant spouse$204,000 – $214,000
https://www.irs.gov/newsroom/irs-announces-changes-to-retirement-plans-for-2022

Phase-out for Roth contributions

Single/head of household$129,000–$144,000
Married filing jointly$204,000–$214,000
Married filing separately$0–$10,000
https://www.irs.gov/newsroom/irs-announces-changes-to-retirement-plans-for-2022

SEP IRA Contributions

Maximum percentage of compensation25%
Maximum contribution$61,000
SEP minimum compensation$650
https://www.irs.gov/retirement-plans/plan-participant-employee/sep-contribution-limits-including-grandfathered-sarseps

SIMPLE IRA and Simple 401(k) Contributions

Employee contribution$14,000
SIMPLE IRA catch-up: age 50 or older$3,000
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

401(k) Contributions

Elective employee deferral$20,500
Catch-up—age 50 or older$6,500
Maximum contribution$61,000
Maximum employer percentage deduction limit
(of eligible payroll)
25%
Covered compensation limit$305,000
Highly compensated employee$135,000
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

403(b) Contributions

Elective employee deferral$20,500
Catch-up—age 50 or older$6,500
403(b) TSA catch-up with 15+ years of service
with current employer
$3,000
Maximum contribution$61,000
Maximum employer percentage deduction limit
(of eligible payroll)
25%
Covered compensation limit$305,000
Highly compensated employee$135,000
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

457 Plan Contributions

Elective employee deferral$20,500
Catch-up—age 50 or older$6,500
Maximum contribution$61,000
Maximum employer percentage deduction limit
(of eligible payroll)
25%
Covered compensation limit$305,000
Highly compensated employee$135,000
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

SAR-SEP Plan Contributions

Elective employee deferral$20,500
Catch-up—age 50 or older$6,500
Maximum contribution$61,000
Maximum employer percentage deduction limit
(of eligible payroll)
25%
Covered compensation limit$305,000
Highly compensated employee$135,000
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

Required Minimum Distributions

AgeFactor
7227.4
7326.5
7425.5
7524.6
7623.7
7722.9
7822.0
7921.1
8020.2
8119.4
8218.5
8317.7
8416.8
8516.0
8615.2
8714.4
8813.7
8912.9
9012.2
9111.5
9210.8
9310.1
949.5
958.9
968.4
977.8
987.3
996.8
1006.4
https://www.govinfo.gov/content/pkg/FR-2020-11-12/pdf/2020-24723.pdf

Social Security

Full Retirement Age (FRA)

The maximum monthly benefit for workers retiring at full retirement age: $3,148

Year of BirthFull Retirement Age
1943-195466
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 and later67
https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf

Thresholds before Social Security Benefits are reduced

Under full retirement age (FRA) for full year$19,560
Benefit reduced $1 for every $2 above the threshold$1,630 a month
FRA year (up to FRA month)$51,960
Benefit reduced $1 for every $3 above the threshold$4,330 a month
https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf

Taxation of Social Security Benefits

TaxationSingleMarried Filing Jointly
Tax-freeBelow $25,000Below $32,000
50% Taxable$25,000 – $34,000$32,000 – $44,000
85% Taxable$34,001+$44,001+
https://www.ssa.gov/benefits/retirement/planner/taxes.html

Maximum taxable earnings subject to FICA taxes

Social Security (OASDI only)$147,000
HI (Medicare) maximumNo Limit
OASDI tax rate12.4% self-employed, 6.2% employee & employer
HI tax rate2.9% self-employed, 1.45% employee & employer
https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf

Medicare Part B Premiums

Filing statusMonthly Payment
Single: $91,000 or less$170.10
Joint: $182,000 or less$170.10
Married, filing separately: $91,000 or less$170.10
Single: $91,001 to $114,000$238.10
Joint: $182,001-$228,000$238.10
Married, filing separatelyNot Applicable
Single: $114,001-$142,000$340.20
Joint: $228,001-$284,000$340.20
Married, filing separatelyNot Applicable
Single: $142,001-$170,000$442.30
Joint: $284,001-$340,000$442.30
Married, filing separatelyNot Applicable
Single: $170,001-$499,999$544.30
Joint: $340,001-$749,999$544.30
Married, filing separately: $91,001-$408,999$544.30
Single: $500,000+$578.30
Joint: $750,000+$578.30
Married, filing separately: $409,000+$578.30
https://www.medicare.gov/your-medicare-costs/part-b-costs

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

Scroll to Top