INFLATION ADJUSTMENTS ANNOUCED FOR 2022 TAX YEAR

Posted on November 26, 2021

The Internal Revenue Service (IRS) announced a series of inflation adjustments for dozens of tax provisions for the 2022 tax year.

There will be seven tax brackets. Those are:

• • 37% for incomes over $539,900 ($647,850 for married couples filing jointly)
  • 35%, for incomes over $215,950 ($431,900 for married couples filing jointly)
  • 32% for incomes over $170,050 ($340,100 for married couples filing jointly)
  • 24% for incomes over $89,075 ($178,150 for married couples filing jointly)
  • 22% for incomes over $41,775 ($83,550 for married couples filing jointly)
  • 12% for incomes over $10,275 ($20,550 for married couples filing jointly)
  • 10% for incomes of $10,275 or less ($20,550 for married couples filing jointly)

Standard deductions for tax year 2022 will be going up. Those will be:

• • Married couples filing jointly: $25,900 up $800 from the prior year
  • Single taxpayers and married individuals filing separately: $12,950, up $400
  • Heads of household: $19,400, up $600.

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