For your convenience each year, we post a quick-reference guide to Key Financial Data that all savers should know, including deadlines, tax brackets, exclusions, deductions, premiums, contribution limits, and more.
Sometimes there are major changes year-over-year, but there’s nothing too exciting here for 2022. No big changes. Most of the adjustments are increases related to inflation that were on autopilot.
Some things to note:
- We still have the tax brackets from the 2017 Tax Cuts and Jobs Act (TCJA), but the income ranges and the base tax amounts have adjusted for inflation.
- The standard deduction, AMT exemption amounts, retirement contribution limits, and income limits for IRAs have all adjusted for inflation.
- Medicare deductibles and premiums have both increased. While Social Security income is up 6%, Medicare premiums are up 14.5%! What government gives with one hand, it takes with another.
- Tax deadlines are slightly different this year due to holidays. If you pay estimated quarterly tax, your fourth and final payment for 2021 will be due on January 18, 2022 (rather than the typical Jan. 15 deadline). Tax Day will fall on April 18, 2022, which gives you a little extra time to make Roth, Traditional IRA, and HSA contributions for 2021. It is also the last day for 2021 Keogh and SEP contributions unless you extend your tax filing deadline to October 17, 2022.
- Life expectancy tables have been updated to reflect people living longer.
We have a printable PDF of 2022 Key Financial Data on our website. You can access the guide HERE.