2022 Tax Facts

1. For 2022, the standard deduction is $12,950 for single individuals and to $25,900 for married couples. You'll benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include medical expenses (over 7.5% of AGI), state, local, sales and real estate taxes (up to $10K), mortgage interest, charitable contributions and investment interest expense.
2. For 2022, the personal exemption is $0.
3. The maximum earnings subject to social security taxes for 2022 is $147,000.
4. The standard mileage rate is $0.585 per business mile through June 30, 2022 and is $0.625 for the last six months of 2022.
5. The maximum annual contribution into a 401(k) plan or a 403(b) plan is $20,500 for 2022. And if you’re 50 or older by December 31, 2022, you can contribute an extra $6,500 into your 401(k) or 403(b) account this year through salary deferrals.
6. The maximum contribution into an IRA is $6,000 per individual for 2022. And if you’re 50 or older, you can contribute an extra $1,000 for 2022. You have until April 18, 2023 to contribute to your IRA for 2022.