The IRS Has Released Federal Income Tax Brackets For 2022—When Are Taxes Due?
On Nov. 10, the IRS released income tax brackets for 2022. Here's an overview of the 2022 tax brackets, and how they've changed from 2021.
Nov. 12 2021, Published 7:17 a.m. ET
On Nov. 10, 2021, the IRS released the federal income tax brackets for 2022. The seven tax rates haven't changed, but the income thresholds have been increased amid rising inflation.
This means that many taxpayers with the same or even slightly higher taxable income in 2022 compared with 2021 will remain in a lower tax bracket. As a result, tax bills will be lower for them. Here's an overview of the 2022 tax brackets, and how they've changed from 2021.
When are taxes due for 2022?
The 2022 tax brackets are the rates that will determine your income tax in 2022, which is the tax return you'll submit in 2023.
The deadline for submitting your 2021 taxes is April 15, 2022. Typically, April 15 is set by the government as the deadline for filing taxes every year. Here's a quick reference to the 2021 tax brackets if you're wondering how much tax you'll owe when you submit your 2021 tax return in April 2022.
The IRS has provided the new tax brackets for 2022
The new tax brackets for 2022 are as follows, based on your income and filing status.
For individual single taxpayers:
| Income | Tax Bracket |
|---|---|
| up to $10,275 | 10% |
| $10,276 to $41,775 | 12% |
| $41,776 to $89,075 | 22% |
| $89,076 to $170,050 | 24% |
| $170,051 to $215,950 | 32% |
| $215,951 to $539,900 | 35% |
| over $539,900 | 37% |
For married couples filing jointly:
| Income | Tax Bracket |
|---|---|
| up to $20,550 | 10% |
| $20,551 to $83,550 | 12% |
| $83,551 to $178,150 | 22% |
| $178,151 to $340,100 | 24% |
| $340,101 to $431,900 | 32% |
| $431,901 to $647,850 | 35% |
| over $647,850 | 37% |
For married couples filing separately:
| Income | Tax Bracket |
|---|---|
| up to $10,275 | 10% |
| $10,276 to $41,775 | 12% |
| $41,776 to $89,075 | 22% |
| $89,076 to $170,050 | 24% |
| $170,051 to $215,950 | 32% |
| $215,951 to $323,925 | 35% |
| over $323,925 | 37% |
Did the standard deduction change in 2022?
The IRS also stated that the standard deduction for 2022 has been raised to:
- Married couples filing jointly: $25,900.
- Single taxpayers and married couples filing separately: $12,950 for the tax year 2022.
Another significant change is the increase in the annual exclusion for gifts from $15,000 in 2021 to $16,000 in 2022.
What are capital gains tax rates in 2022?
The capital gains tax rates will remain the same in 2022, but the brackets will change.
For individual single taxpayers:
- 0 percent for income up to $41,675.
- 15 percent for income between $41,675 and $459,750.
- 20 percent for income over $459,750.
For married couples filing jointly:
- 0 percent for income up to $83,350.
- 15 percent for income between $83,350 and $517,200.
- 20 percent for income over $517,200.
For married couples filing separately:
- 0 percent for income up to $41,675.
- 15 percent for income between $41,675 and $258,600.
- 20 percent for income over $258,600.