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Facts & Figures 2021 Tax year & Some For Tax Year 2022
Build Back Back Better (“BBB”) is still being negotiated So here is something a little more concrete:
The numbers and limits for 2021 tax season:
FACTS & FIGURES, TBA=To be announced Tax Year 2021 2022
Social Security COLA 1.3% 5.9%
Part B premium- income < $85,000 148.50 170.10
Early, Max earnings limits b4 Soc Sec reduced 18,960 19,560
Standard Deduction Single/Married Filing Separately 12,550 12,950
Married Filing Joint 25,100 25,900
Head of Household 18,800 19,400
Additional ded. over 65 or blind Single/Married 1,700/1,350 TBA
Dependency Exemption* Does not exist ——
Child Tax Credit–Per child under 17 $ under 400,000 3600/3,000 N/A
Income over 400,000 2000 2,000
Family Credit—unqualified dependents 500 500
Mileage Rates—Cents per mile Business/Charity/Medical 56/14/16 Before 7/1/22 58.5/.14/.18
After 7/1/22 62.5/.14/.22
Retirement Contributions Limits Under 50/Over 50 Under 50/Over 50
IRA 6,000/7,000 6,000/7,000
401K/403B/457 19,500/26,000 20,500/27,000
Annual Gift Exclusion Person/Couple 15,000/30,000 16,000/32,000
Estate Tax Exclusion for Deaths in 11,700,000 12,060,000
HSA Maximum Contribution Under 55/Over 55 Under 55/Over 55
Single 3,600/4,600 3,650/4,650
Family 7,200/8,200 7,300/8,400
Flex Spend Maximum Contribution 2,750 2850
Businesses-Section 179 write off Max $ assets placed in service *** 2.62 Million 2.7 Million
Max write off 1.5 Million 1.08 Million