IRS Releases Inflation Adjustments for 2022

11.12.2021 | The IRS announced annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.  The adjustments were announced in Revenue Procedure 2021-45.

The tax year 2022 adjustments are generally used on tax returns filed in 2023.

Here are the highlights:

  • Marginal tax rates are unchanged for 2022, 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 zero.
  • Various thresholds were also adjusted for inflation, including the thresholds for the foreign earned income exclusion and estate exclusion.
  • Various exemptions and limits were also adjusted, including the exemption for the Alternative Minimum Tax.

For complete details, check out the IRS announcement.

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