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PO Box 2214
Oregon City OR 97045 503-656-0699
By the
Numbers: For Federal Tax Returns
2021
and 2022
Standard Deduction
and Personal Exemption Amounts
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Comments on this
website are informational in nature and are not intended to
be interpreted as
specific tax advice. The comments cannot be used to avoid
taxes under the Internal Revenue Code or the regulations of other tax
authorities. Furthermore, this website is not intended, and should not be interpreted, to support
the promotion or marketing of any tax avoidance schemes.
Date last modified:
01/24/22
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Single: $12,550
$12,950
Head of Household: $18,800
$19,400
Married Filing
Joint: $25,100
$25,900 |
Qualifying Widow(er): $25,100
$25,900
Married Filing Separate: $12,550
$12,950
(your marital status on
December 31 generally determines your filing status) |
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Additional standard deduction amounts allowed
age
65 or older, and/or blind -- per person, per event:
Single, Head of Household: $1,650/$1,750
Married Filing Joint/Single, Qualifying Widow/er: $1,350/$1,400 |
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Personal Exemption:
$0 -- Eliminated |
2021
and
2022
Standard Mileage Rates
56.0 cents per mile
58.5 cents per
mile |
Business miles
(self-employed, only) |
16.0 cents per mile
18.0 cents per mile |
Medical miles |
|
14.0/14.0 cents per mile |
Charitable miles |
2022 Maximum Retirement
Contributions
| Type of
Account |
Under 50 |
50 and Over |
| 401(k); 403(b),
457 |
$20,500 |
$27,000 |
Traditional IRA;
Roth IRA
(income limitations) |
$6,000 |
$7,000 |
| SIMPLE |
$14,000 |
$17,000 |
SEP
$600 minimum compensation
$285,000 maximum compensation |
25%/$61,000 |
25%/$67,500 |
2022 Education Credits and Deductions
Income limitations may apply.
Hope/Opportunity Credit
(first Four Years Undergraduate Tuition & Qualified
Expenses |
100% of first $2,000 per
student
25% of next $2,000 per student |
| Lifetime Learning Credit
|
20% of first $10,000 all Tuition
combined |
| Student Loan Interest |
$2,500 maximum deduction |
| Coverdell Educational Savings
Account |
$2,000 maximum contribution per
beneficiary |
| 529 Plans |
Contribution limits set by plan;
may qualify for a state tax incentive. |
2022
Gift Amount and Estate Tax
| Annual Gift Maximum, per
recipient |
$16,000 |
| Federal Estate Tax Exemption |
$12.06 million exemption;
unlimited marital deduction;
inherited assets get basis step-up |
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