The IRS announced Nov. 10 the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other changes.
The tax items of greatest interest to taxpayers include:
The standard deduction for married couples filing jointly for 2022 rises to $25,900, a $800 increase from the prior year. For single taxpayers and married individuals filing separately, the standard deduction goes up $400 to $12,950. For heads of households, the standard deduction up $600 to $19,400.
The personal exemption for 2022 remains at zero.
The top tax rate remains at 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly). See more highlights.