The IRS has changed the tax codes for the upcoming 2022 tax year. So, what changes can you expect to your tax bracket and other deductions after having gone through an inflation 30-year high?
- Standard Deductions will Increase (Depending on how you file)
- For married couples filing jointly, the standard deduction rises to $25,900, up $800 from the prior year
- For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400
- For heads of households, the standard deduction will be $19,400 for tax year 2022, up $600
- Tax Brackets will Increase (Married filing jointly)
- 10%: Taxable income up to $20,550 (up from $19,900 for 2021)
- 12%: Taxable income between $20,550 to $83,550 (up from $19,900 to $81,050 for 2021)
- 22%: Taxable income between $83,550 to $178,150 (up from $81,050 to $172,750 for 2021)
- 24%: Taxable income between $178,150 to $340,100 (up from $172,750 to $329,850 for 2021)
- 32%: Taxable income between $340,100 to $431,900 (up from $329,850 to $418,850 for 2021)
- 35%: Taxable income between $431,900 to $647,850 (up from $418,850 to $628,300 for 2021)
- 37%: Taxable income over $647,850 (up from $628,300 for 2021)
- Tax Brackets will Increase (Individual single taxpayer)
- 10%: Taxable income up to $10,275 (up from $9,950 for 2021)
- 12%: Taxable income between $10,275 to $41,775 (up from $9,950 to $40,525 for 2021)
- 22%: Taxable income between $41,775 to $89,075 (up from $40,525 to $86,375 for 2021)
- 24%: Taxable income between $89,075 to $170,050 (up from $86,375 to $164,925 for 2021)
- 32% Taxable income between $170,050 to $215,950 (up from $164,925 to $209,425 for 2021)
- 35%: Taxable income between $215,950 to $539,900 (up from $209,425 to $523,600 for 2021)
- 37%: Taxable income over $539,900 (up from $523,600 for 2021)
- Tax Advantaged Contributions will Increase (Individual single taxpayer)
- 401(k): The IRS recently announced changes to retirement contribution limits. You can save an extra $1,000 in your 401(k) in 2022
- HSA: The individual limit for annual contributions was previously increased for 2022 to $4,950, and the family plan maximum jumped up to $7,400
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.