Key Facts 2022

•  Annual Gift Tax Exclusion: $16,000
•  Estate, gift and generation-skipping tax exemption - $12,060,000
•  IRA and Roth IRA Contribution Limits: $6,000 plus another $1,000 for individuals over 50
•  Simple IRA Contributions: $14,000 plus another $3,000 for individuals over 50
•  401(k) Contribution Limits: $20,500 plus another $6,500 for individuals over 50
•  SEP IRA Contribution Limits: 25% of compensation or maximum of $61,000
•  Top Federal Tax Rate: 37% on income over $539,901 for single taxpayers and $647,851for married taxpayers
•  Top Federal Tax Rate: 37% on income over $13,451 for Estates & Trusts
•  Long-Term Federal Capital Gains Rate: 20% on maximum taxable income over $459,750 for single taxpayers and maximum taxable income over
    $517,200 for married taxpayers
•  Long-Term Federal Capital Gains Rate: 15% on maximum taxable income of $41,676-$459,750 for single taxpayers and maximum taxable income of
   $83,351-517,200 for married taxpayers
•  Additional 3.8% Net Investment Income Tax on investment income, dividends and capital gains for single taxpayers with AGI greater than
   $200,000 and married taxpayers with AGI greater than $250,000
•  Standard Deduction: $12,950 for single taxpayers, $19,400 for heads of household and $25,900 for married taxpayers
•  State and Local Tax Deductions: Individuals can deduct up to $10,000 which includes a combination of property taxes and state income tax or sales tax
•  Mortgage Interest: The mortgage interest deduction is capped at loans of $750,000
•  Home Equity Loans: Loans for other than home purchase, build or renovation are no longer deductible
•  Annual Benefit Limit under Defined Benefit Plans: $245,000
•  Health Savings Account: $3,650 contribution limit for single taxpayers, $7,300 contribution limit for family, $1,000 Catch-up for taxpayers over 55