2022 Ready... Set... TAX: Tax Season Is Here--Are You Ready to Set the Pace?

Welcome to our annual at-a-glance compilation of federal and state tax information. User-friendly tax rate schedules, facts, figures and assorted data make this time-saving section a handy companion. Keep it within arm's reach as you enter the upcoming busy season.

2022 TAX DATA SCHEDULE 2022 Federal Standard Deductions Single $ 12,950 Married Filing Jointly, Surviving Spouse 25,900 Married Filing Separately 12,950 Head of Household 19,400 Additional for Age 65 and Older or Blind-Married 1,400 Additional for Age 65 and Older or Blind-Unmarried 1,750 (per individual for each situation, age or blind) Taxpayer Claimed as a Dependent: 1,150 Personal or Dependent Exemption Suspended for tax years 2018-2025 Maximum Child Tax Credit (qualifying child under age 16) Single/Head of Household/Married Filing Separate $2,000 AGI Phaseout: $200,000 - 240,000 Married Filing Jointly 2,000 AGI Phaseout: $400,000 - 440,000 Refundable Portion of Child Tax Credit 1,500 "Kiddie Tax" Unearned Income Exemption 1,150 California Exemption Credits Single, Married Filing Separately, Head of Household Married Filing Jointly, Surviving Spouse Dependent Blind or Age 65 and Older Senior Head of Household Credit 2% of California taxable income, with maximum credit of California AGI threshold of $89,931 California Joint Custody Head of Household Credit and Dependent Parent Credit 30% of net tax with maximum credit of California Young Child Tax Credit For children younger than 6 years old on the last day of the tax year AGI phaseout $25,000 - $30,000 with a max credit of California Renter's Credit Married Filing Jointly, Head of Household, Surviving Spouse if AGI is below $98,440 Single or Married Filing Separately if AGI is below $49,220 IRC Section 179 Deduction $1,080,000 Sec. 179 Purchase Phaseout $2,700,000 Beginning of Personal Exemption Phase-out Range-Based on Federal AGI Single N/A Married Filing Jointly, Surviving Spouse N/A Married Filing Separately N/A Head of Household N/A Beginning of Itemized Deduction Phase-out Range-Based on Federal AGI Single Limitation on Married Filing Jointly, Surviving Spouse federal itemized Married Filing Separately deductions is Head of Household suspended for tax Rate Reduced over federal AGI limits years 2018-2025 Schedule A Medical Deduction Based on federal AGI 75% Schedule A State & Local Tax Deduction Max Married Filing Separately $5,000 All others 10,000 Schedule A Mortgage Interest Cap Only ded. on debt up to $750,000 (*) 2022 California Standard Deductions Single $5,202 Married Filing Jointly, Surviving Spouse 10,404 Married Filing Separately 5,202 Head of Household 10,404 Additional for Age 65 and Older or Blind-Married Additional for Age 65 and Older or Blind-Unmarried (per individual for each situation, age or blind) Taxpayer Claimed as a Dependent: 1,150 Personal or Dependent Exemption Maximum Child Tax Credit (qualifying child under age 16) Single/Head of Household/Married Filing Separate AGI Phaseout: $200,000 - 240,000 Married Filing Jointly AGI Phaseout: $400,000 - 440,000 Refundable Portion of Child Tax Credit "Kiddie Tax" Unearned Income Exemption California Exemption Credits Single, Married Filing Separately, Head of Household $140 Married Filing Jointly, Surviving Spouse 280 Dependent...