RETIREMENT PLANS | |
Elective deferrals 401(k), 403(b), 457, and SARSEPs | $20,500 |
Catch-up contribution | $6,500 |
Defined contribution (§415(c)(1)(A)) | $61,000 |
Defined benefit (§415(b)(1)(A)) | $245,000 |
SIMPLE plan | $14,000 |
SIMPLE catch-up contribution | $3,000 |
Maximum includible compensation Highly compensated employee | $305,000 |
Lookback to 2021 | $130,000 |
Lookback to 2022 | $135,000 |
Key employee (top-heavy plan) | $200,000 |
SEP participation limit | $650 |
IRA or Roth IRA contribution limit | $6,000 |
IRA or Roth IRA catch-up | $1,000 |
IRA deduction phaseout for active participants Single | $68,000-$78,000 |
Married filing jointly | $109,000-$129,000 |
Married filing separately | $0-$10,000 |
Non-active participant married to active participant | $204,000-$214,000 |
Roth IRA phaseout Single | $129,000-$144,000 |
Married filing jointly | $204,000-$214,000 |
MEDICARE | |
Monthly premium: | |
Part A1 | $499 |
Part B 2 | $170.10 |
Part A: | |
First 60 days—patient pays a deductible | $1,556 |
Next 30 days—patient pays per day | $389 |
Next 60 days (lifetime reserve days) patient pays per day | $778 |
Skilled nursing benefits | |
First 20 days—patient pays per day | -0- |
Next 80 days—patient pays per day | $194.50 |
Over 100 days—patient pays per day | All costs |
Part B: | |
Deductible | $233 |
Coinsurance | 20% |
Part D (Prescription Standard Benefit Model): | |
Deductible | $480 |
25% coinsurance on next | $4,430 |
Out-of-pocket (OOP) threshold | $7,050 |
Beneficiary then pays coinsurance amount for additional covered expenses. | |
SOCIAL SECURITY | |
SS wage base | $147,000 |
FICA tax rate—employee 3 | 7.65% |
SECA tax rate—self-employed | 15.3% |
Earnings limitation: | |
Below FRA ($1 for $2) | $19,560 |
Persons reaching FRA ($1 for $3) | $51,960 |
(Applies only to earnings for months prior to attaining FRA) | |
Social Security cost-of-living adjustment | 5.9% |
Quarter of coverage | $1,510 |
Maximum benefit: worker retiring at FRA | $3,345 |
Estimated average monthly benefit | $1,657 |
2022 MEDICARE PART B PREMIUM RATES: | |||
YOU PAY | IF YOUR 2020 INCOME WAS: | ||
Premium | Part D Surcharge | Single | Married Couple |
$170.10 not Hold Harmless | $91,000 or less | $182,000 or less | |
$238.10 | $12.40 | $91,001–$114,000 | $182,001–$228,000 |
$340.20 | $32.10 | $114,001–$142,000 | $228,001–$284,000 |
$442.30 | $51.70 | $142,001–$170,000 | $284,001–$340,000 |
$544.30 | $71.30 | $170,001–$500,000 | $340,001–$750,000 |
$578.30 | $77.90 | Above $500,000 | Above $750,000 |
YOU PAY | PART D Surcharge | If you are married filing separately and your 2020 income was: | |
$170.10 | $91,000 or less | ||
$544.30 | $71.30 | $91,001–$409,000 | |
$578.30 | $77.90 | Above $409,000 | |
SOCIAL SECURITY FRA | |||
Year of Birth | Social Security FRA | Year of Birth | Social Security FRA |
1943–54 | 66 | 1958 | 66 and 8 months |
1955 | 66 and 2 months | 1959 | 66 and 10 months |
1956 | 66 and 4 months | 1960 and later | 67 |
1957 | 66 and 6 months | ||
ESTATE AND GIFT TAX | |||
Annual gift tax exclusion | $16,000 | ||
Estate and gift tax basic exclusion | $12,060,000 | ||
Applicable credit amount | $4,769,800 | ||
Generation skipping exemption | $12,060,000 | ||
Maximum estate tax rate 4
| 40% | ||
- The Part A premium of $499 per month applies to persons who have fewer than 30 quarters of coverage under Social Security. For those having 30-39 quarters, the Part A Premium is $259 per month.
- Beneficiaries not subject to the "hold harmless" provision includes persons not receiving Social Security, those who enroll in Part B for the first time in 2022, dual eligible beneficiaries who have their premiums paid by Medicaid, and beneficiaries who pay an additional income-related premium. See Premium rates (Figure 1)
- The FICA tax rate is comprised of two separate payroll taxes: Employer portion—6.20% for Old-Age, Survivors, and Disability Insurance (OASDI), and 1.45% for Hospital Insurance (HI); Employee portion—6.20% for Old- Age, Survivors, and Disability Insurance (OASDI), and 1.45% for Hospital Insurance (HI). For selfemployeds, the SECA is 12.40% for OASDI and 2.90% for HI
- A deceased spouse's unused credit amount is portable to a surviving spouse.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
STANDARD MILEAGE RATES | |||
Business use | 58.5¢ per mile | ||
Charitable use (not indexed) | 14¢ per mile | ||
Medical use | 18¢ per mile | ||
MISCELLANEOUS ITEMS | |||
PBGC maximum monthly benefit (at age 65) | 58.5¢ per mile | ||
LTC per diem limit | 14¢ per mile | ||
LTC premium as medical expense limitation | |||
Age 40 or under | $450 | ||
Age 41-50 | $850 | ||
Age 51-60 | $1,690 | ||
Age 61-70 | $4,510 | ||
Age 71 or older | $5,640 | ||
Qualified Transportation Fringes (monthly) | |||
Commuter highway vehicle/transit pass | $280 | ||
Qualified parking | $280 | ||
Qualified Longevity Annuity Contract | Max $145,000 | ||
Health Care Flexible Spending Account | Max $2,850 | ||
Health Care FSA Carryover Amount | Max $570 | ||
LTCG RATES BASED ON TAXABLE INCOME | |||
Filing Status | 0% rate | 15% rate | 20% rate |
Single | up to $41,675 | $41,676-$459,750 | over $459,750 |
Head of household | up to $55,800 | $55,801-$488,500 | over $488,500 |
Married filing jointly | up to $83,350 | $83,351-$517,200 | over $517,200 |
Married filing separately | up to $41,675 | $41,676-$258,600 | over $258,600 |
Estates and trusts | up to $2,800 | $2,801-$13,700 | over $13,700 |
HEALTH SAVINGS ACCOUNT | |||
Minimum Deductible Amount | |||
Single | $1,400 | ||
Family | $2,800 | ||
Maximum Out-of-Pocket Amount | |||
Single | $7,050 | ||
Family | $14,100 | ||
HSA Statutory Contribution Maximum | |||
Single | $3,650 | ||
Family | $7,300 | ||
Catch-up contributions (age 55 or older) | $1,000 | ||
EDUCATION | |||
EE bonds for education—exclusion phaseout | |||
Single | $85,800-$100,800 | ||
Married filing jointly | $128,650-$158,650 | ||
Coverdell Education Savings Account ($2,000 limit) phaseout | |||
Single | $95,000-$110,000 | ||
Married filing jointly | $190,000-$220,000 | ||
Lifetime Learning Credit—20% of qualified expenses up to $10,000 | |||
Single | $80,000-$90,000 | ||
Married filing jointly | $160,000-$180,000 | ||
American Opportunity tax credit—maximum of $2,500 | |||
100% up to $2,000 of qualified expenses | |||
25% on next $2,000—phaseout: | |||
Single | $80,000-$90,000 | ||
Married filing jointly | $160,000-$180,000 | ||
Education loan deduction ($2,500) phaseout | |||
Unmarried | $70,000-$85,000 | ||
Married filing jointly | $145,000-$175,000 | ||
INCOME TAX | |||
Standard deduction | |||
Single | $12,950 | ||
Married filing jointly | $25,900 | ||
Head of household | $19,400 | ||
Married filing separately | $12,950 | ||
Kiddie tax limited standard deduction | $1,150 | ||
Individual eligible to be claimed as dependent—greater of $1,150 or earned income plus $400, not to exceed full standard deduction of $12,950. | |||
Elderly or blind additional deduction | |||
Single | $1,750 | ||
Married | $1,400 | ||
Section 179 | |||
Maximum election | $1,080,000 | ||
Phaseout begins | $2,700,000 | ||
Adoption credit (nonrefundable) | |||
Maximum | $14,890 | ||
Phaseout | $223,410-$263,410 | ||
Medicare Contribution tax and additional Medicare tax | |||
Single | $200,000 | ||
Head of household | $200,000 | ||
Married filing jointly | $250,000 | ||
Child tax credit | |||
Dependent under age 17 | $2,000 | ||
Other dependents | $500 | ||
Phaseout ($50 for every $1,000 over) | |||
Single | $200,000 | ||
Married filing jointly | $400,000 | ||
ALTERNATIVE | EXEMPTION | PHASEOUT | |
Single | $75,900 | $539,900 | |
Married filing jointly | $118,100 | $1,079,800 | |
Married filing separately | $59,050 | $539,900 | |
Trusts and estates | $26,500 | $88,300 | |
AMT RATES | |||
26% up to $206,100 of AMT base | |||
28% over $206,100 of AMT base |
EDUCATION | |||
EE bonds for education—exclusion phaseout | |||
Single | $85,800-$100,800 | ||
Married filing jointly | $128,650-$158,650 | ||
Coverdell Education Savings Account ($2,000 limit) phaseout | |||
Single | $95,000-$110,000 | ||
Married filing jointly | $190,000-$220,000 | ||
Lifetime Learning Credit—20% of qualified expenses up to $10,000 | |||
Single | $80,000-$90,000 | ||
Married filing jointly | $160,000-$180,000 | ||
American Opportunity tax credit—maximum of $2,500 | |||
100% up to $2,000 of qualified expenses | |||
25% on next $2,000—phaseout: | |||
Single | $80,000-$90,000 | ||
Married filing jointly | $160,000-$180,000 | ||
Education loan deduction ($2,500) phaseout | |||
Unmarried | $70,000-$85,000 | ||
Married filing jointly | $145,000-$175,000 | ||
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.