The income limit for the Saver's Credit is $34,000 (single and married filing separately), $68,000 (married filing jointly) and $51,000 (head of household). Further, there are additional income tax brackets and increased rates for those reporting over 5 million (10.3) and over 25 million (10.9) in income. The contribution limit for SIMPLE retirement plans increased to $14,000. The State personal income tax rate increases effective as of January 1, 2021, for single filers reporting over 1.1 million and joint filers reporting over 2.2 million (from 8.82 to 9.65). Income over 5 million is already subject to this rate. Retroactive to January 1, 2020, the tax rate on that income bracket increased from 8.97 to 10.75, regardless of filing status. The catch-up contribution limit has not changed. New Jersey individual income tax rates remain largely the same for 2022 except for those making 1-5 million. The contribution limits for 401(k), 403(b) and 457 plans increased to $20,500, with an additional $6,500 catch-up contribution limit for workers age 50 and older. The income phaseout on contributions is $129,000 to $144,000 (single and head of household), $204,000 to $214,000 (married filing jointly) and $0 to $10,000 (married filing separately). Roth IRA contribution limits remain at $6,000, with an additional $1,000 catch-up contribution limit for workers age 50 and older. Lifetime Estate and Gift Tax Exclusion: $12.06 millionįoreign Income Exclusion: $112,000 Retirement Plan Contribution Limits The income phaseouts for the Coverdell Education Savings Accounts are not adjusted for inflation. The income phaseouts for the American Opportunity Tax Credit and Lifetime Learning Tax Credit are not adjusted for inflation. ![]() The Tuition and Fees Deduction has been permanently repealed. ![]() 2022 Income Phaseouts for Education Tax Benefits Mark Kantrowitz
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