IRA and Tax Tables 2022 | Ed Slott and Company, LLC

IRA and Tax Tables 2022

Roth IRA Contributions Quick Fact Sheet

Quick Fact Sheet – Roth IRA Contributions

2022 IRA Contribution Levels

YearUnder age 50Age 50+
2022$6,000$7,000

2022 Roth IRA Eligibility

If your filing status is...And your modified AGI is...Then you can contribute...
married filing jointly or qualifying widow(er)

< $204,000

up to the limit

> $204,000 but < $214,000

a reduced amount

> $214,000

zero

married filing separately and you lived with your spouse at any time during the year

< $10,000

a reduced amount

> $10,000

zero

single, head of household, or married filing separately and you did not live with your spouse at any time during the year

< $125,000

up to the limit

> $129,000 but < $144,000

a reduced amount

> $144,000

zero

2022 Traditional IRA Deductions

If you are covered by a retirement plan at work, use this IRS table to determine if you can deduct your 2022 Traditional IRA contribution:


If Your Filing Status Is...And Your Modified AGI Is...Then You Can Take...
Single, head of household$68,000 or lessa full deduction up to the amount of your contribution limit.
more than $68,000 but less than $78,000a partial deduction.
$78,000 or moreno deduction.
Married filing jointly or qualifying widow(er)$109,000 or lessa full deduction up to the amount of your contribution limit.
more than $109,000 but less than $129,000a partial deduction.
$129,000 or moreno deduction.
Married filing separatelyless than $10,000a partial deduction.
$10,000 or moreno deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.


If you aren't covered by a retirement plan at work or one isn't offered, use this IRS table to determine if you can deduct your 2022 Traditional IRA contribution:


If Your Filing Status Is...And Your Modified AGI Is...Then You Can Take...
Single, head of household, or qualifying widow(er)any amounta full deduction up to the amount of your contribution limit.
Married filing jointly or separately with a spouse who is not covered by a plan at workany amounta full deduction up to the amount of your contribution limit.
Married filing jointly with a spouse who is covered by a plan at work$204,000 or lessa full deduction up to the amount of your contribution limit.
more than $204,000 but less than $214,000a partial deduction.
$214,000 or moreno deduction.
Married filing separately with a spouse who is covered by a plan at workless than $10,000a partial deduction.
$10,000 or moreno deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.

2022 Roth IRA Conversion Eligibility

YearEligibility
2022Anyone Can

2022 SEP IRA Contribution Levels

Here's what can be contributed to a SEP IRA:

Year Maximum Contribution
2022 Up to 25% of compensation of up to $305,000, but no more than $61,000. Catch-up contributions do not apply.

2022 Federal Tax Brackets

Marginal Tax Rate

Single

Married Filing Jointly or Qualifying Widow(er)

10%

$0 - $10,275

$0 - $20,550

12%

$10,276 - $41,775

$20,551 - $83,550

22%

$41,776 - $89,075

$83,551 - $178,150

24%

$89,076 - $170,050

$178,151 - $340,100

32%

$170,051 - $215,950

$340,101 - $431,900

35%

$215,951 - $539,900

$431,901 - $647,850

37%

Over $539,900

Over $647,850

2022 Federal Estate Tax Levels

At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:


YearExempt from TaxEstate-Tax Rate
2022

$12,060,000 per person with portability

Top rate of 40%

2022 Generation-Skipping Transfer (GST) Tax

Tax on assets transferred to non-spouse heirs at death:


YearExempt from TaxGST Tax Rate
2022

$12,060,000 per person (no portability)

40%

2022 Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:


YearAnnual Exclusion
2022$16,000

2022 IRA Minimum Distribution Tables

When owners of a Traditional IRA reach age 72, they are required to take annual minimum distributions. The amount changes each year. Simply divide your IRA's value at the end of the prior year by the distribution factor listed next to your age in the following IRS charts:



2022 Uniform Lifetime Table

This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular Joint Life Expectancy Table. The Uniform Lifetime Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs.

2022 Joint Life Expectancy Table

This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.


2022 Single Life Expectancy Table

Beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to roll the IRA over or treat it as their own also use the single life table, but they can look up their age each year.
 

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