The Alternative Minimum Tax exemption amount for tax year 2022 will be $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800). (The personal exemption was also eliminated in the Tax Cuts and Jobs Act.) The agency also noted the personal exemption will remain at $0, the same as it was in 2021. Those rates-with the lowest threshold at 10 percent and the highest at 37 percent-were set by Congress under the 2017 Tax Cuts and Jobs Act. The IRS said basic income tax rates won't be changing in 2022. 37 percent tax bracket: Single filers earning more than $539,900 and married couples filing jointly earning over $647,850.35 percent tax bracket: Single filers earning more than $215,950 and married couples filing jointly earning over $431,900.32 percent tax bracket: Single filers earning more than $170,050 and married couples filing jointly earning over $340,100.24 percent tax bracket: Single filers earning more than $89,075 and married couples filing jointly earning over $178,150.22 percent tax bracket: Single filers earning more than $41,775 and married couples filing jointly earning over $83,550.12 percent tax bracket: Single filers earning more than $10,275 and married couples filing jointly earning over $20,550.10 percent tax bracket: Single individuals earning up to $10,275 and married couples filing jointly earning up to $20,550.Last year's tax bracket income thresholds increased by about 1 percent from the prior year in 2022, the new bracket will thresholds will see an increase of around 3 percent.īelow is a breakdown of the new thresholds for the seven tax brackets in 2022.
For heads of households, the standard deduction will be $19,400, up $600. The standard deduction for single taxpayers and married individuals filing separately rises to $12,950 for tax year 2022, up $400 from tax year 2021. The standard deduction for married couples filing jointly will rise 3.2 percent to $25,900 next year, an increase of $800 from the prior year. dollars, a bank account book and calculator on a table. Above, this undated stock image shows U.S. The IRS announced an increase in standard deductions for taxpayers this week.
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