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IRS Provides Tax Rates for 2022 & Inflation Adjustments






Marginal Rates: For tax year 2022 the tax rates are as follows:

  • 37%, for incomes greater than $539,900 ($647,850 for married couples filing jointly);

  • 35%, for incomes over $215,950 ($431,900 for married couples filing jointly);

  • 32% for incomes over $170,050 ($340,100 for married couples filing jointly);

  • 24% for incomes over $89,075 ($178,150 for married couples filing jointly);

  • 22% for incomes over $41,775 ($83,550 for married couples filing jointly);

  • 12% for incomes over $10,275 ($20,550 for married couples filing jointly).

  • The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).

Standard Deduction: For tax year 2022 the standard deduction is as follows:

  • Single or Married Filing Separate- $12,950 (up $400 from prior year)

  • Head of Household-$19,400 (up $600 from prior year)

  • Married Filing Joint- $25,900 (up $800 from prior year)

Other Items to Note:

  • Annual Gift Exclusion- $16,000 (up $1,000 from prior year)

  • Estates of Decedents- who die during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who died in 2021

  • Educator Expense Deduction- $300 (up $50 from prior year)

  • Foreign Earned Income Exclusion- $112,000 (up $3,300 from prior year)


Full detail on all annual IRS adjustment- Revenue Procedure 2021-45 found at https://www.irs.gov/pub/irs-drop/rp-21-45.pdf

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