Facts & Figures for 2022
Listed below are some important Facts & Figures for 2022. Hyperlinks on figures provide a view of historical figures. Use the quick links here to jump to the section you need:
Income tax
Social Security
Medicare
Retirement Accounts
Facts & Figures for 2021 (historical figures)
Income Tax
| 2022 Income Tax Rate Schedule | |||
| Single Filers | |||
| From | To | Rate | Minus |
| $0 | $10,275 | 10% | $0.00 |
| $10,276 | $41,775 | 12% | $205.50 |
| $41,776 | $89,075 | 22% | $4,383.00 |
| $89,076 | $170,050 | 24% | $6,164.50 |
| $170,051 | $215,950 | 32% | $19,768.50 |
| $215,951 | $539,900 | 35% | $26,247.00 |
| $539,901 | no limit | 37% | $37,045.00 |
| Married Filing Jointly or Qualifying Widow(er) | |||
| From | To | Rate | Minus |
| $0 | $20,550 | 10% | $0.00 |
| $20,551 | $83,550 | 12% | $411.00 |
| $83,551 | $178,150 | 22% | $8,766.00 |
| $178,151 | $340,100 | 24% | $12,329.00 |
| $340,101 | $431,900 | 32% | $39,537.00 |
| $431,901 | $647,850 | 35% | $52,494.00 |
| $647,851 | no limit | 37% | $65,451.00 |
| Married Filing Separately | |||
| From | To | Rate | Minus |
| $0 | $10,275 | 10% | $0.00 |
| $10,276 | $41,775 | 12% | $205.50 |
| $41,776 | $89,075 | 22% | $4,383.00 |
| $89,076 | $170,050 | 24% | $6,164.50 |
| $170,051 | $215,950 | 32% | $19,768.50 |
| $215,951 | $323,925 | 35% | $26,247.00 |
| $323,926 | no limit | 37% | $32,725.50 |
| Head of Household | |||
| From | To | Rate | Minus |
| $0 | $14,650 | 10% | $0.00 |
| $14,651 | $55,900 | 12% | $293.00 |
| $55,901 | $89,050 | 22% | $5,883.00 |
| $89,051 | $170,050 | 24% | $7,664.00 |
| $170,051 | $215,950 | 32% | $21,368.00 |
| $215,951 | $539,900 | 35% | $27,746.50 |
| $539,901 | no limit | 37% | $38,544.50 |
| Estates and Trusts | |||
| From | To | Rate | Minus |
| $0 | $2,750 | 10% | $0.00 |
| $2,751 | $9,850 | 24% | $385.00 |
| $9,851 | $13,450 | 35% | $1,468.50 |
| $13,451 | no limit | 37% | $1,737.50 |
| Long-Term Capital Gains and Qualifying Dividends | ||
| Single (taxable income) | ||
| From AGI | To AGI | LTCG Tax Rate |
| $0 | $41,675 | 0% |
| $41,676 | $459,750 | 15% |
| $459,751 | no limit | 20% |
| Married Filing Jointly (taxable income) | ||
| $0 | $83,350 | 0% |
| $83,351 | $517,200 | 15% |
| $517,201 | no limit | 20% |
| Head of Household | ||
| $0 | $55,800 | 0% |
| $55,801 | $488,500 | 15% |
| $488,501 | no limit | 20% |
| Married Filing Separately | ||
| $0 | $41,675 | 0% |
| $41,676 | $258,600 | 15% |
| $258,601 | no limit | 20% |
| Estates & Trusts | ||
| $0 | $2,800 | 0% |
| $2,801 | $13,700 | 15% |
| $13,701 | no limit | 20% |
| Net Investment Income Tax (NIIT) 3.8% tax on the lesser of Excess of MAGI over the following or Net Investment Income | |
| Single | $200,000 |
| Married Filing Jointly | $250,000 |
| Married Filing Separately | $125,000 |
| Standard Deductions | |
| Filing Status | Standard Deduction |
| Single | $12,950 |
| Married Filing Jointly | $25,900 |
| Qualifying Widow(er) | $25,900 |
| Married Filing Separately | $12,950 |
| Head of Household | $19,400 |
| Dependent | Greater of: $1,150 or $400 plus earned income |
| Additional Standard Deductions (add to the regular Standard Deduction) |
|
| Blind (MFJ, MFS or QW) | $1,400 |
| Over 65 (MFJ, MFS or QW) | $1,400 |
| Blind (single) | $1,750 |
| Over 65 (single) | $1,750 |
| Alternative Minimum Tax Exemptions | |
| Single | $75,900 |
| Married Filing Jointly | $118,100 |
| Surviving Spouse | $118,100 |
| Married Filing Separately | $59,050 |
| Estates and Trusts | $26,500 |
| AMT Rate of 28% applies to income over: | |
| Married Filing Separately | $103,050 |
| All other filing statuses | $206,100 |
| Exemption phase out begins at: | |
| Single | $539,900 |
| Married Filing Jointly | $1,079,800 |
| Surviving Spouse | $1,079,800 |
| Married Filing Separately | $539,900 |
| Estates and Trusts | $88,300 |
| Gift & Estate Tax Exclusions and Credits | |
| Estate Tax Exclusion | $12,060,000 |
| Gift and GST Tax Exclusion | $12,060,000 |
| Annual Gift Tax Exclusion | $16,000 |
| Maximum Estate, Gift and GST Tax Rate | 40% |
| Health Savings Accounts | |||
| Maximum Deductible Contribution | Expense Limit | Minimum Deductible | |
| Single (individual) | $3,650 | $7,050 | $1,400 |
| Family | $7,300 | $14,100 | $2,800 |
| Catch-up (age 55+) | $1,000 | ||
| Education Credits | ||
| Credit | Maximum Amount | Phaseouts begin at AGI of: |
| American Opportunity Tax Credit (Hope) | $2,500 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
| Lifetime Learning Credit | $2,000 | |
| Married Filing Jointly | $160,000 | |
| All other filing statuses | $80,000 | |
Social Security
| Full Retirement Age | |
| Born in: | Full Retirement Age (FRA) is: |
| 1943-1954 | 66 |
| 1955 | 66y, 2m |
| 1956 | 66y, 4m |
| 1957 | 66y, 6m |
| 1958 | 66y, 8m |
| 1959 | 66y, 10m |
| 1960 or later | 67 |
| Social Security Maximum Taxable Earnings | ||
| 2022 | $147,000 | |
| Social Security Quarter of Credit | ||
| 2022 | $1,510 | |
| Social Security Benefits Taxation | ||
| Filing status | Provisional Income* | SS benefit included as taxable |
| Married Filing Jointly | less than $32,000 | 0% |
| $32,000 to $44,000 | up to 50% | |
| more than $44,000 | up to 85% | |
| Single, Head of Household, Qualifying Widow(er) | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and not living with spouse | less than $25,000 | 0% |
| $25,000 to $34,000 | up to 50% | |
| more than $34,000 | up to 85% | |
| Married Filing Separately and living with spouse | more than $0 | 85% |
* Provisional income is the total of your taxable income except for Social Security benefits, plus tax-free income, plus 50% of your Social Security benefits.
| 2022 Earnings Limits | ||
| Before FRA | $19,560 | $1,630/mo |
| For every $2 over the limit, $1 in benefits is withheld | ||
| Year of FRA | $51,960 | $4,330/mo |
| For every $3 over the limit, $1 in benefits is withheld | ||
| After FRA | no limit | |
| Substantial Earnings | ||
| 2022 | $27,300 | |
| Bend Points for age 62 in 2022 | |
| Retirement Benefit PIA calculation (of AIME) | |
| 1st (x 90%) | $1,024 |
| 2nd (x 32%) | $6,172 |
| 3rd (x 15%) | $6,173+ |
| Family Maximum Benefit calculation (of PIA) | |
| 1st (x 150%) | $1,308 |
| 2nd (x 272%) | $1,889 |
| 3rd (x 134%) | $2,463 |
| 4th (x 175%) | $2,464+ |
Medicare
| Medicare Premiums | ||
| Part B | Part D | |
| Standard Premium | $170.10 | n/a |
| Hold harmless | n/a | n/a |
| IRMAA Premium Adjustments | ||
| Filing Status | Part B | Part D |
| Married Filing Jointly | ||
| <$182,001 | +$0 | +$0 |
| $182,001 to $228,000 | +$68.00 | +$12.40 |
| $228,001 to $284,000 | +$170.10 | +$32.10 |
| $284,001 to $340,000 | +$272.20 | +$51.70 |
| $340,001 to $750,000 | +$374.20 | +$71.30 |
| >$750,000 | +$408.20 | +$77.90 |
| Single | ||
| <$91,001 | +$0 | +$0 |
| $91,001 to $114,000 | +$68.00 | +$12.40 |
| $114,001 to $142,000 | +$170.10 | +$32.10 |
| $142,001 to $170,000 | +$272.20 | +$51.70 |
| $170,001 to $500,000 | +$374.20 | +$71.30 |
| >$500,000 | +$408.20 | +77.90 |
| Medicare Deductibles & Coinsurance | |
| Part A (per benefit period) | |
| Deductible | $1,556 |
| Coinsurance First 60 days | $0 |
| Day 61-90 (per day) | $389 |
| Day 91+ (per day) | $778 |
| Part B (per year) | $233 |
| Part D deductible | $480 |
| First Tier | $4,430 |
| Second Tier (donut hole) |
$7,050 |
| Third Tier (catastrophic) |
above $7,050 |
Retirement Accounts
| Individual Retirement Arrangements (IRAs) | ||
| Traditional IRA | ||
| Limitations | Deductible Contribution | Deductible Catch-up Contribution (age 50+) |
| If Covered by Employer Plan (self) | ||
| Married Filing Jointly MAGI | ||
| <= $109,000 | $6,000 | $1,000 |
| $109,001 to $129,000 | Reduced by 30% for each dollar over $109,000 | Reduced by 5% for each dollar over $109,000 |
| >= $129,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Single MAGI | ||
| <= $68,000 | $6,000 | $1,000 |
| $68,001 to $78,000 | Reduced by 60% for each dollar over $68,000 | Reduced by 10% for each dollar over $68,000 |
| >= $78,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Married Filing Separately MAGI | ||
| <= $0 | $6,000 | $1,000 |
| $1 to $10,000 | reduced by 60% for each dollar over $0 | Reduced by 70% for each dollar over $0 |
| >= $10,000 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| If spouse is covered by Employer Plan | ||
| Married Filing Jointly MAGI | ||
| <= $204,000 | $6,000 | $1,000 |
| $204,001 to $214,000 | reduced by 60% for each dollar over $204,000 | Reduced by 10% for each dollar over $204,000 |
| >= $214,001 | only non-deductible contributions allowed, up to $6,000 | only non-deductible contributions allowed, up to $1,000 |
| Roth IRA | ||
| Limitations | Contribution Limit | Catch-up Contribution Limit (age 50+) |
| Married Filing Jointly MAGI | ||
| <= $204,000 | $6,000 | $1,000 |
| $204,001 to $214,000 | reduced by 60% for each dollar over $204,000 | Reduced by 10% for each dollar over $204,000 |
| >= $214,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Single or Head of Household MAGI | ||
| <= $129,000 | $6,000 | $1,000 |
| $129,001 to $144,000 | Reduced by 40% for each dollar over $129,000 | Reduced by 6.67% for each dollar over $129,000 |
| >= $144,001 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Married Filing Separately MAGI | ||
| <= $0 | $6,000 | $1,000 |
| $1 to $10,000 | Reduced by 60% for each dollar over $0 | Reduced by 70% for each dollar over $0 |
| >= $10,000 | no Roth IRA contribution allowed | no Roth IRA contribution allowed |
| Other retirement plans | ||
| 401(k), Roth 401(k), 403(b), 457(b) | ||
| Deductible Contribution | Deductible Catch-up Contribution (age 50+) | Maximum Total Contribution (includes Employer match, non-deductible contributions, and catch-up) |
| $20,500 | $6,500 | $67,500 |
| SIMPLE IRA | ||
| $14,000 | $3,000 | |