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Facts and Figures
From the Christmas Tax Newsletter, published December 14, 2022:
FACTS & FIGURES, TBA=To be announced Tax Year 2022 2023
Social Security COLA 5.9% 8.7%
Part B premium- income < $85,000 170.10 164.90
Early, Max earnings limits b4 Soc Sec reduced 19,560 21,240
Early, Max earning for year attain full retirement age 51,960 56,520
Standard Deduction
Single/Married Filing Separately 12,950 13,850
Married Filing Joint 25,900 27,700
Head of Household 19,400 20,800
Additional ded. over 65 or blind Single/Married 1,700/1,350 1,850/1,500
Dependency Exemption* Does not exist ——
Child Tax Credit–Per child under 17 $ under 400,000 2,000 2,000
Income over 400,000 2,000 2,000
Family Credit—unqualified dependents 500 500
Mileage Rates—Cents per mile Jan 1- Jun 30 Jul 1- Dec 31,22
Business/Charity/Medical .585/.14/.18 . 625/.14/.22 .655/.14/.22
Retirement Contributions Limits
IRA under 50/over 50 6,000/7,000 6,500/7,500
SIMPLE under 50/over 50 14,000/17,000 15,500/19,000
401K/403B/457 under 50/over 50 20,500/27,000 22,500/29,500
Annual Gift Exclusion
Person/Couple 16,000/32,000 17,000/34,000
Estate Tax Exclusion for Deaths in 12,060,000 12,920,000
HSA Maximum Contribution Under 55/Over 55 Under 55/Over
Single 3,650 4,650 3,850/4,850
Family 7,300 8,300 7,750/8,750
Flex Spend Maximum Contribution 2,850 3,050
Businesses-Section 179 write off
Max $ assets placed in service *** 2.62 Million 2.89 Million
Max write off 1.5 Million 1.16 Million