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IRS Announces Standard Deduction and Marginal Rates For Tax Year 2022

Tax Inflation Adjustments For Tax Year 2022

On November 10, 2021, The Internal Revenue Service announced the 2022 tax rate schedules and other tax changes. The standard deduction, marginal rates for the tax year 2022 are listed below. 

Standard Deduction:

  • Married couples filing jointly: $25,900 ($800 increase from 2021) 
  • Single taxpayers and married individuals filing separately: $12,950 ($400 increase from 2021)
  • Heads of households: $19,400 ($600 increase from 2021) 

 
Marginal Rates:  

The seven federal income tax brackets remain in 2021, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. 

Federal Income Tax Brackets for 2022


SingleMarried Filing JointlyMarried Filing SeparatelyHead of HouseholdEstates and Trusts
10%$0 – $10,275$0 – $20,550$0 – $10,275$0 – $14,650$0 – $2,750
12%$10,275 – $41,775$20,550 – $83,550$10,275 – $41,775$14,650 – $55,900
22%$41,775 – $89,075$83,550 – $178,150$41,775 – $89,075$55,900 – $89,050
24%$89,075 – $170,050$178,150 – $340,100$89,075 – $170,050$89,050 – $170,050$2,750 – $9,850
32%$170,050 – $215,950$340,100 – $431,900$170,050 – $215,950$170,050 – $215,950
35%$215,950 – $539,900$431,900 – $647,850$215,950 – $323,925$215,950 – $539,900$9,850 – $13,450
37%$539,900+$647,850+$323,925+$539,900+$13,450+


To read about the inflation adjustments for more than 60 tax provisions, check out IRS Revenue Procedures 2021-45. For specific advice regarding your situation, be sure to contact your tax adviser or accountant. 

If you would like to know more about this topic, we encourage you to attend a free webinar on Thursday, December 2, 2021, Year-End Tax Planning. Click the link below to register. 

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