IMPORTANT DATES & DEADLINES

APRIL 15

Deadline to establish a 2021 SEP plan. [1]

APRIL 18

“Tax Day” – deadline to file Form 1040 or request extension. Deadline is April 19 in Maine and Massachusetts. [2]

2021 contribution deadline for Roth IRAs, traditional IRAs. [3]

2021 contribution deadline for Health Savings Accounts (HSAs). [3]

2021 contribution deadline for Solo 401(k)s, SEPs, Keoghs. [3]

First installment of estimated taxes due for 2022. [3]

june 15

Second installment of estimated taxes due for 2022. [2]

SEPtember 15

Third installment of estimated taxes due for 2022. [2]

OCT 17

Deadline for file Form 1040 for those who requested extension. [2]

Deadline to recharacterize ineligible IRA contributions made for TY 2021. [3]

DEC 31

Deadline for IRA/qualified plan RMDs. [3][

2022 employee contribution deadline for 401(k) plans. [3]

Deadline to settle a capital loss or gain transaction. [4]

Deadline to establish/fund a 2021 Solo 401(k). [5]

FEDERAL INCOME TAX BRACKETS & RATES [6]

RATE

SINGLE

MARRIED JOINT

MARRIED JOINT

10%

$0 – 10,275

$0 – 20,550

$0 – 14,650

12%

$10,276 – 41,775

$20,550 – 83,550

$14,650 – 55,900

22%

$41,776 – 89,075

$83,551 – 178,150

$55,901 – 89,050

24%

$89,076 – 170,050

$178,151 – 340,100

$89,051 – 170,050

32%

$170,051 – 215,950

$340,101 – 431,900

$170,051 – 215,950

35%

$215,951 – 539,900

$431,901 – 647,850

$215,951 – 539,900

37%

$539,901 and up

$647,851 and up

$539,901 and up

FEDERAL INCOME TAX BRACKETS & RATES [6]

single

10%  |   $0 – 10,275

12%  |   $10,276 – 41,775

22%  |   $41,775 – 89,075

24%  |   $89,076 – 170,050

32%  |   $170,051 – 215,950

35%  |   $215,951 – 539,900

37%  |   $539,901 and up

married joint

10%  |   $0 – 20,550

12%  |   $20,551 – 83,550

22%  |   $83,551 – 178,150

24%  |   $178,151 – 340,100

32%  |   $340,101 – 431,900

35%  |   $431,901 – 647,850

37%  |   $647,851 and up

head of household

10%  |   $0 – 14,650

12%  |   $14,651 – 55,900

22%  |   $55,901 – 89,050

24%  |   $89,051 – 170,050

32%  |   $170,051 – 215,950

35%  |   $215,951 – 539,900

37%  |   $539,901 and up

STANDARD DEDUCTIONS [7]

single

$12,950

HEAD OF HOUSEHOLD

$19,400

MARRIED FILING JOINTY

$25,900

Additional deductions: If you are age 65 or older or blind, you can claim an additional standard deduction of $1,750 this year if single, $1,400 if married.

ALTERNATIVE MINIMUM TAX EXEMPTIONS [7]

FILING STATUS

EXEMPTION AMOUNT

EXEMPTION AMOUNT PHASES OUT AT

28% TAX RULE APPLIES FOR INCOME OVER

Single

$75,900

$539,900

$206,100

Married Filing Jointly

$118,100

$1,079,800

$206,100

Married Filing Separately

$59,050

$8539,900

$103,050

Qualifying Widow(er)s

$118,100

$1,079,800

$206,100

Trusts and Estates

$26,500

$88,300

$206,100

ALTERNATIVE MINIMUM TAX EXEMPTIONS [7]

single

EXEMPTION AMOUNT: $75,900

EXEMPTION AMOUNT PHASES OUT AT: $539,900

28% TAX RULE APPLIES FOR INCOME OVER: $206,100

married filing jointly

EXEMPTION AMOUNT: $118,100

EXEMPTION AMOUNT PHASES OUT AT: $1,107,800

28% TAX RULE APPLIES FOR INCOME OVER: $206,100

married filing separately

EXEMPTION AMOUNT: $59,050

EXEMPTION AMOUNT PHASES OUT AT: $539,900

28% TAX RULE APPLIES FOR INCOME OVER: $103,050

qualifying widow(er)s

EXEMPTION AMOUNT: $118,100

EXEMPTION AMOUNT PHASES OUT AT: $1,107,800

28% TAX RULE APPLIES FOR INCOME OVER: $206,100

trusts and estates

EXEMPTION AMOUNT: $26,500

EXEMPTION AMOUNT PHASES OUT AT: $88,300

28% TAX RULE APPLIES FOR INCOME OVER: $206,100

QUALIFIED DIVIDENDS & LONG-TERM CAPITAL GAINS [8]

single

0%  |   $0 – 41,675

15%  |   $41,676 – 459,750

20%  |   $459,751 and up

married FILING JOINTLY

0%  |   $0 – 83.350

15%  |   $83,351 – 517,200

20%  |   $517,201 and up

MARRIED FILING SEPARATELY

0%  |   $0 – 41,675

15%  |   $41,676 – 258,600

20%  |   $258,601 and up

HEAD OF HOUSEHOLD

0%  |   $0 – 55,800

15%  |   $55,801 – 488,500

20%  |   $488,501 and up

3.8% NET INVESTMENT TAX [9]

FILING STATUS

THRESHOLD AMOUNT

Single

$200,000

Head of Houshold*

$200,000

Married Filing Jointly

$200,000

Married Filing Separately

$200,000

Qualifying Widow(er)s**

$200,000

*With Qualifying Person

**With Dependent Child

3.8% NET INVESTMENT TAX [9]

single

Threshold amount: $200,000

HEAD OF HOUSEHOLD

Threshold amount: $200,000

MARRIED FILING JOINTY

Threshold amount: $200,000

MARRIED FILING separately

Threshold amount: $200,000

Qualifying Widow(er)s**

Threshold amount: $200,000

*With Qualifying Person

**With Dependent Child

EDUCATION TAX BENEFITS [10, 11]

BENEFIT

INCOME PHASE-OUTS BEGIN AT

Education Savings Bond Program [10]: Cash in bonds tax-free (limited to amount of qualified expenses)

$85,800 MAGI***

($128,650 MAGI for joint filers)****

American Opportunity Tax Credit [10, 11]: Credit of $2,500 (max) per eligible student*

$80,000 MAGI***

($160,000 MAGI for joint filers)****

Lifetime Learning Credit [10, 11]: Credit of $2,000**

$80,000 MAGI***

($160,000 MAGI for joint filers)****

Coverdell Education Savings Account [10, 11]: Tax-Free earnings for qualified education expenses (contribute up to $2,000 annually)

$95,000 MAGI***

($190,000 MAGI for joint filers)

*40% of this credit is potentially refundable.

**The amount of the edit is 20% of the first $10,000 of qualified education expenses.

***Modified Adjusted Gross Income.

*****If MAGI is between $80-90K ($160-180K, MFJ), your credit is reduced.

EDUCATION TAX BENEFITS [10, 11]

Education Savings Bond Program [10]

Cash in bonds tax-free (limited to amount of qualified expenses)

Income Phase-Outs Begin At: $85,800 MAGI*** ($128,650 MAGI for joint filers)****

American Opportunity Tax Credit [10, 11]

Credit of $2,500 (max) per eligible student*

Income Phase-Outs Begin At: $80,000 MAGI*** ($160,000 MAGI for joint filers)****

Lifetime Learning Credit [10, 11]

Credit of $2,000**

Income Phase-Outs Begin At: $80,000 MAGI*** ($160,000 MAGI for joint filers)****

Coverdell Education Savings Account [10, 11]

Tax-Free earnings for qualified education expenses (contribute up to $2,000 annually)

Income Phase-Outs Begin At: $95,000 MAGI*** ($190,000 MAGI for joint filers)

*40% of this credit is potentially refundable.

**The amount of the edit is 20% of the first $10,000 of qualified education expenses.

***Modified Adjusted Gross Income.

*****If MAGI is between $80-90K ($160-180K, MFJ), your credit is reduced.

ESTATE TAX RATES [12]

AMOUNT OF TAXABLE ESTATE

ESTATE TAX AMOUNT

PLUS THIS % ON AMOUNT IN EXCESS OF LOWER LIMIT

$0 – 10,000

$0

18%

$10,001 – 20,000

$1,800

20%

$20,001 – 40,000

$3,800

22%

$40,001 – 60,000

$8,200

24%

$60,001 – 80,000

$13,000

26%

$80,001 – 100,000

$18,200

28%

$100,001 – 150,000

$23,800

30%

$150,001 – 250,000

$38,800

32%

$250,001 – 500,000

$70,800

34%

$500,001 – 750,000

$155,800

37%

$750,001 – 1,000,000

$248,300

39%

1,000,001+

$345,800

40%

ESTATE TAX RATES [12]

$0 - 10,000

Estate Tax Amount: $0

Plus 18% on amount in excess of lower limit.

$10,001 - 20,000

Estate Tax Amount: $1,800

Plus 20% on amount in excess of lower limit.

$20,001 - 40,000

Estate Tax Amount: $3,800

Plus 22% on amount in excess of lower limit.

$40,001 - 60,000

Estate Tax Amount: $8,200

Plus 24% on amount in excess of lower limit.

$60,001 - 80,000

Estate Tax Amount: $13,000

Plus 26% on amount in excess of lower limit.

$80,001 - 100,000

Estate Tax Amount: $18,200

Plus 28% on amount in excess of lower limit.

$100,001 - 150,000

Estate Tax Amount: $23,800

Plus 30% on amount in excess of lower limit.

$150,001 - 250,000

Estate Tax Amount: $38,800

Plus 32% on amount in excess of lower limit.

$250,001 - 500,000

Estate Tax Amount: $70,800

Plus 34% on amount in excess of lower limit.

$500,001 - 750,000

Estate Tax Amount: $155,800

Plus 37% on amount in excess of lower limit.

$750,001 - 1,000,000

Estate Tax Amount: $248,300

Plus 39% on amount in excess of lower limit.

$1,000,000+

Estate Tax Amount: $345,800

Plus 40% on amount in excess of lower limit.

ESTATE & GIFT TAX EXCLUSIONS, EXEMPTIONS [7, 13]

AMOUNT

Unified Estate & Gift Tax Exclusion [7]

$12,060,000

Generation-Skipping Transfer (GST) Tax Exemption [13]

$12,060,000

Annual Exclusion Amount (AEA) for Gifts [7]

$16,000

AEA for Gifts to Non-U.S. Citizen Spouse [7]

$164,000

ESTATE & GIFT TAX EXCLUSIONS, EXEMPTIONS [7, 13]

AMOUNT

Unified Estate & Gift Tax Exclusion [7]

$12,060,000

Generation-Skipping Transfer (GST) Tax Exemption [13]

$12,060,000

Annual Exclusion Amount (AEA) for Gifts [7]

$16,000

AEA for Gifts to Non-U.S. Citizen Spouse [7]

$164,000

SOCIAL SECURITY [14, 15]

Full Retirement Age (Depending on Year Born) [14]

66/67

Maximum Possible Monthly Benefit (at FRA) [15]

$3,345

Retirement Earnings Exempt Amounts Based on Normal Retirement Age (NRA) [15]

$19,560/yr under NRA

$51,960/yr NRA reached

(No limit after NRA)

SOCIAL SECURITY [14, 15]

Full Retirement Age (Depending on Year Born) [14]

66/67

Maximum Possible Monthly Benefit (at FRA) [15]

$3,345

Retirement Earnings Exempt Amounts Based on Normal Retirement Age (NRA) [15]

$19,560/yr under NRA

$51,960/yr NRA reached

(No limit after NRA)

SOCIAL SECURITY TAXABLE BENEFITS [16]

FILING STATUS

PROVISIONAL INCOME*

S.S. AMOUNT SUBJECT TO TAX

Single, HOH, Qualifying Widow(er)**

$0 – 25,000

$25,001 – 34,000

$34,001+

$0

Up to 50%

Up to 85%

Married Filing Jointly

$0 – 32,000

$32,001 – 44,000

$44,001+

$0

Up to 50%

Up to 85%

Married Filing Separately (Living Together)

$0+

Up to 85%

*Provisional income is derived by adding the individual’s Adjusted Gross Income, tax-free interest, 50% of Social Security benefits, and any other tax-free benefits.

**Also married filing separately and living apart from spouse

SOCIAL SECURITY TAXABLE BENEFITS [16]

SINGLE, HOH, QUALIFYING WIDOW(ER)**

Provisional income*

$0 – 25,000

$25,001 – 34,000

$34,001+

S.S. Amount Subject to Tax:

$0

Up to 50%

Up to 85%

Married filing jointly

Provisional income*

$0 – 32,000

$32,001 – 44,000

$44,001+

S.S. Amount Subject to Tax:

$0

Up to 50%

Up to 85%

Married Filing Separately (Living Together)

Provisional income*

$0+

S.S. Amount Subject to Tax:

Up to 85%

 

*Provisional income is derived by adding the individual’s Adjusted Gross Income, tax-free interest, 50% of Social Security benefits, and any other tax-free benefits.

**Also married filing separately and living apart from spouse

RETIREMENT PLAN CONTRIBUTION LIMITS [17]

CONTRIBUTION LIMIT

CATCH-UP CONTRIBUTION** LIMIT

401(k), 403(b), 457, Thrift Savings Plan*

$20,500

$6,500

IRA and Roth IRA Contributions

$6,000

$1,000

SIMPLE IRA

$14,000

$3,000

Solo 401(k)

$61,000

$6,500

Simplified Employee Pension

$61,000

$6,500***

*Not invluding employer contributions.

**For plan participants who will be age 50 or older in 2020

***Only applies for employees permitted to make traditional IRA contributions to their SEP-IRA accounts.

RETIREMENT PLAN CONTRIBUTION LIMITS [17]

401(k), 403(b), 457, Thrift Savings Plan*

Contribution Limit: $20,500

Catch-Up Contribution** Limit: $6,500

ira and roth ira contributions

6,0Contribution Limit: $6,000

Catch-Up Contribution** Limit: $1,000

simple ira

Contribution Limit: $14,000

Catch-Up Contribution** Limit: $3,000

solo 401(k)

Contribution Limit: $61,000

Catch-Up Contribution** Limit: $6,500

simplified employee pension

Contribution Limit: $61,000

Catch-Up Contribution** Limit: $6,500***

*Not invluding employer contributions.

**For plan participants who will be age 50 or older in 2020

***Only applies for employees permitted to make traditional IRA contributions to their SEP-IRA accounts.

INCOME LIMITS [17]

LIMIT OR PHASE-OUTS FOR INDIVIDUALS FILERS

LIMIT OR PHASE-OUTS FOR MARRIED (JOINT) FILERS*

Traditional IRA

$68,000 – 78,000

$109,000 – 129,000**

Roth IRA

$129,000 – 144,000

$204,000 – 214,000

Retirement Savers Credit***

$34,000 ($51,000 if HOH)

$68,000

*If one spouse has a workplace account and the other doesn’t, the other can claim the full deduction on their IRA contribution until the couple’s income exceeds $204,000.

**If the contributing spouse has access to a retirement plan.

***The amount of this non-refundable credit is 50%, 20%, or 10% of up to $2,000 of qualified retirement savings contributions, depending on your adjusted gross income and filing status.

INCOME LIMITS [17]

traditional ira

Limit or Phase-Outs for Individual Filers:

$68,000 – 78,000

Limit or Phase-Outs for Married (Joint) Filers*:

$109,000 – 129,000**

roth ira

Limit or Phase-Outs for Individual Filers:

$129,000 – 144,000

Limit or Phase-Outs for Married (Joint) Filers*:

$204,000 – 214,000

retirement savings credit***

Limit or Phase-Outs for Individual Filers:

$34,000 ($51,000 if HOH)

Limit or Phase-Outs for Married (Joint) Filers*:

$68,000

*If one spouse has a workplace account and the other doesn’t, the other can claim the full deduction on their IRA contribution until the couple’s income exceeds $204,000.

**If the contributing spouse has access to a retirement plan.

***The amount of this non-refundable credit is 50%, 20%, or 10% of up to $2,000 of qualified retirement savings contributions, depending on your adjusted gross income and filing status.

MEDICARE COSTS [18]

PREMIUM

Part A

$499*

Part B

$170.10**

Part C

Varies by plan

Part D

Varies by plan/income

*If applicable. You usually pay no Part A coverage premium if you or your spouse paid Medicare taxes while working.

**Or higher, determined by income.

DEDUCTIBLES & COINSURANCE [18]

AMOUNT

Part A Deductible (per benefit period)

$1,556

Coinsurance, Days 1-60

$0

Coinsurance, Days 61-90

$389*

Coinsurance, Days 91+

$778**

Part B Deductible (per year)

$233***

*Per day of benefit period.

**Per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime).

***After deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services.

HEALTH SAVINGS ACCOUNT, HIGH DEDUCTIBLE HEALTH PLANS [19]

INDIVIDUAL

FAMILY

CATCH-UP CONTRIBUTION*

HSA Contribution Limit

$3,650

$7,300

$1,000

HDHP Minimum Deductible

$1,400

$2,800

N/A

HDHP Max. Out-of-Pocket Amount (HDHPs)

$7,050

$14,100

N/A

ACA Out-of-Pocket Limit for HDHPs

$8,700

$17,400

N/A

EXTENDED CARE COVERAGE DEDUCTIBILITY LIMITS [20]

AGE (REACHED PRIOR TO CLOSE OF TAX YEAR)

MAX. DEDUCTION FOR YEAR*

Up to 40

$450

40 – 50

$850

50 – 60

$1,690

60 – 70

$4,510

70+

$5,640

Data collected as available by January 27, 2022

*Premiums for “qualified” extended care policies are tax-deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10% of the insured’s adjusted gross income.

MEDICARE COSTS [18]

PART A

PREMIUM: $499*

PART B

PREMIUM: $170.10**

part c

PREMIUM: Varies by plan

PART d

PREMIUM: Varies by plan/income 

*If applicable. You usually pay no Part A coverage premium if you or your spouse paid Medicare taxes while working.

**Or higher, determined by income.

DEDUCTIBLES & COINSURANCE [18]

PART A deductible (per benefit period)

AMOUNT: $1,556

coinsurance, days 1 - 60

AMOUNT: $0

COINSURANCE, DAYS 61 - 90

AMOUNT: $389*

COINSURANCE, DAYS 91+

AMOUNT: $778**

part b deductible (per year)

AMOUNT: $233***

*Per day of benefit period.

**Per each “lifetime reserve day” after day 90 for each benefit period (up to 60 days over your lifetime).

***After deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services.

HEALTH SAVINGS ACCOUNT, HIGH DEDUCTIBLE HEALTH PLANS [19]

HSA Contribution Limit

AMOUNT: $3,650

FAMILY: $7,300

CATCH-UP CONTRIBUTION*: $1,000

HDHP Minimum Deductible

AMOUNT: $1,400

FAMILY: $2,800

CATCH-UP CONTRIBUTION*: N/A

HDHP Max. Out-of-Pocket Amount (HDHPs)

AMOUNT: $7,050

FAMILY: $14,100

CATCH-UP CONTRIBUTION*: N/A

ACA Out-of-Pocket Limit for HDHPs

AMOUNT: $8,700

FAMILY: $17,400

CATCH-UP CONTRIBUTION*: N/A

EXTENDED CARE COVERAGE DEDUCTIBILITY LIMITS [20]

Up to 40

Max. Deduction for Year*: $450

40 - 50

Max. Deduction for Year*: $850

50 - 60

Max. Deduction for Year*: $1,690

60 - 70

Max. Deduction for Year*: $4,510

70+

Max. Deduction for Year*: $5,640

Data collected as available by January 27, 2022

*Premiums for “qualified” extended care policies are tax-deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10% of the insured’s adjusted gross income.

WE CAN HELP.

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SOURCES
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  2. thebalance.com/income-tax-deadlines-3192862 [1/24/22]
  3. kiplinger.com/taxes/tax-deadline/603992/2022-tax-calendar-tax-due-dates-and-deadlines [1/12/22]
  4. cnbc.com/2021/12/28/slash-your-2021-tax-bill-with-these-last-minute-moves.html [12/28/21]
  5. cnbc.com/2021/12/15/your-financial-wrap-up-4-savvy-money-moves-to-make-before-year-end.html [12/15/21]
  6. bankrate.com/taxes/tax-brackets/ [1/2/22]
  7. irs.gov/pub/irs-drop/rp-21-45.pdf [11/10/21]
  8. forbes.com/sites/ashleaebeling/2021/11/10/irs-announces-2022-tax-rates-standard-deduction-amounts-and-more [11/10/21]
  9. irs.gov/individuals/net-investment-income-tax [4/21/21]
  10. forbes.com/sites/markkantrowitz/2021/11/10/nex-2022-irs-income-tax-brackets-and-phaseouts/ [11/10/21]
  11. 20somethingfinance.com/education-tax-credits:deductions/ [1/24/22]
  12. smartasset.com/taxes/all-about the-estate-tax [1/11/22]
  13. investopedia.com/terms/f/form-706.asp [12/21/21]
  14. ssa.gov/benefits/retirement/planner/1943-delay.html [1/26/22]
  15. ssa.gov/news/press/factsheets/colafacts2022.pdf [1/26/22]
  16. hrblock.com/tax-center/income/retirement-income/how-much-of-yourssdi-is-taxable [1/26/22]
  17. forbes.com/sites/ashleaebeling/2021/11/04/irs-announces-higher-retirement-plan-contribution-amounts-for-iras-401ks-and-more-for-2022 [11/4/21]
  18. medicare.gov/Pubs/pdf/11579-medicare-costs.pdf [11/21]
  19. shrm.org/resourcesandtools/hr-topics/benefits/pages/irs-2022-hsa-contribution-limits.aspx [5/10/21]
  20. elderlawanswers.com/the-tax-deductibility-of-long-term-care-insurance-premiums-12320 [11/17/21]