https://www.signaturerelo.com/wp-content/uploads/2021/11/IRS-Image.jpg 408 612 Jessica Reiter https://signaturerelo.com/wp-content/uploads/2016/05/logo-main2.png Jessica Reiter2021-11-15 14:35:572021-11-16 12:16:24IRS Announces Adjustments for 2022 in Revenue Procedure 2021-45
IRS Announces Adjustments for 2022 in Revenue Procedure 2021-45
The IRS announced in Revenue Procedure 2021-45 its annual inflation adjustments to more than 60 tax provisions, including the tax rate schedules.
Here are the highlights for tax year 2022:
- Marginal tax rates are unchanged, but brackets have been adjusted for inflation.
- Standard deductions have increased by $800 to $25,900 if married filing jointly and by $400 to $12,950 if single. The personal exemption remains at 0.
- Various exemptions and limits were also adjusted, including the exemption for the Alternative Minimum Tax.
- There is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.
For complete details, check out the IRS announcement.