Quick Fact Sheet – Roth IRA Contributions
IRA and Tax Tables 2022
2022 Roth IRA Eligibility
| If your filing status is... | ||
|---|---|---|
| married filing jointly or qualifying widow(er) | < $204,000 | up to the limit |
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 less | a full deduction up to the amount of your contribution limit. |
| more than $68,000 but less than $78,000 | a partial deduction. | |
| $78,000 or more | no deduction. | |
| Married filing jointly or qualifying widow(er) | $109,000 or less | a full deduction up to the amount of your contribution limit. |
| more than $109,000 but less than $129,000 | a partial deduction. | |
| $129,000 or more | no deduction. | |
| Married filing separately | less than $10,000 | a partial deduction. |
| $10,000 or more | no 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 amount | a 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 work | any amount | a 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 less | a full deduction up to the amount of your contribution limit. |
| more than $204,000 but less than $214,000 | a partial deduction. | |
| $214,000 or more | no deduction. | |
| Married filing separately with a spouse who is covered by a plan at work | less than $10,000 | a partial deduction. |
| $10,000 or more | no 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 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:
| Year | Exempt from Tax | Estate-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:
| Year | Exempt from Tax | GST 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:
| Year | Annual 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.