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The IRS announced the annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes, for tax year 2022. See the standard deduction, personal exemption, alternative minimum tax, earned income tax credit, and other amounts for tax year 2022.
The federal income tax rates for 2022 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%, depending on the tax bracket. What are the tax brackets for 2022? The 2022 tax brackets have been changed since 2021 to adjust for inflation.
The standard deduction for taxpayers who don't itemize their deductions on Schedule A (Form 1040) is higher for 2023 than it was for 2022. The amount depends on your filing status. You can use the 2023 Standard Deduction Tables near the end of this publication to figure your standard deduction.
Learn how to calculate your standard deduction for 2023, which reduces the amount of income on which you're taxed. Find out who is eligible, who is not, and how to claim it on Form 1040 or Form 1040-SR.
Find out how the IRS adjusted the standard deduction, tax rates, and other provisions for 2022 due to higher inflation in 2021. See the tables and examples of the changes affecting your tax...
Find out how much standard deduction you can claim for tax years 2022 and 2023, and when to take it. Learn how the standard deduction works, how to compare it with itemized deductions,...
The IRS recently released the new inflation adjusted 2022 tax brackets and rates. Explore updated credits, deductions, and exemptions, including the standard deduction & personal exemption, Alternative Minimum Tax (AMT), Earned Income Tax Credit (EITC), Child Tax Credit (CTC), capital gains brackets, qualified business income deduction (199A), and the annual exclusion for gifts.
Find out the federal marginal tax rates and income brackets for 2022, including the single taxpayer brackets. The IRS also increased the standard deduction for 2022 to $12,950 for singles and...
The standard deduction amount for the 2022 tax year jumps to $12,950 for single taxpayers, up $400, and $25,900 for a married couple filing jointly, up $800.
Learn how the standard deduction works and how much you can claim based on your filing status and age. Compare the standard deduction with itemized deductions and find out when to take it.