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- The IRS has announced tax brackets and other inflation adjustments for tax year 20221. Here are some of the changes:
- The standard deduction for married couples filing jointly will increase by $800, going from $25,100 for 2021 to $25,900 for 2022.
- Tax rates will not change, but brackets will increase.
- The maximum long-term capital gains rate will remain at 20%.
- The Alternative Minimum Tax exemption amount will increase.
- The maximum exclusion for gifts will increase.You can claim both adjustments to income and the standard or itemized deductions, but you can't claim both the standard and itemized deductions2.
Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.IRS Announces Tax Brackets and Other Inflation Adjustments for Tax Year 2022
www.investopedia.com/irs-announces-tax-bracket…You can claim both adjustments to income and the standard or itemized deductions, but you can't claim both the standard and itemized deductions. Adjustments to income are calculated on Schedule 1, then the result is transferred to line 11 of your 2022 Form 1040.www.thebalancemoney.com/adjustments-to-incom… - People also ask
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