The IRS announced 2022 tax rates, standard deduction amounts and more
2022 Standard Deduction Amounts
The standard deduction amounts will increase to $12,950 for individuals and married couples filing separately, $19,400 for heads of household and $25,900 for married couples filing jointly and surviving spouses.The additional standard deduction amount for the aged or the blind is $1,400 for 2022. The additional standard deduction amount increases to $1,750 for unmarried aged/blind taxpayers.
The standard deduction amount for 2022 for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,150 The personal exemption amount remains zero in 2022. The Tax Cuts and Jobs Act suspended the personal exemption through tax tax year 2025, balancing the suspension with an enhanced Child Tax Credit for most taxpayers and a near doubling of the standard deduction amount.
For 2022, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,150 or the sum of $400 and the individual’s earned income . If your child’s only income is unearned income, you may be able to elect to include that income on your tax return rather than file a separate return for your child. This is allowed for 2022 if the child’s gross income is more than $1,150 but less than $11,500. But the tax bite may be less if your child files a separate return.Capital gains tax rates remain the same for 2022, but the brackets for the rates will change.
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