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.
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- cnbc.com/2021/12/28/slash-your-2021-tax-bill-with-these-last-minute-moves.html [12/28/21]
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