Key Financial Data 2022

January 2022

It’s January, the start of a new year, and so it’s time once again to look ahead at Key Financial Data for 2022. This month’s Financial Planning newsletter includes our annual compilation of the various tax rates, thresholds, limitations, and exemptions for 2022.

Taxpayers will recall that four years ago, the Republican-led Congress approved the most far-reaching tax legislation since 1986. The Tax Cuts and Jobs Act (TCJA) passed in 2017 without consensus and in some ways turned 100 years of tax law on its head. Recall that numerous provisions from the TCJA were enacted only temporarily. Many are sunsetting at the end of 2025, while others were made permanent, meaning that taxpayers should be thinking ahead, lest January 1 2026 catch them by surprise.
At the end of 2019, Congress passed the SECURE Act, changing the rules around the inheritance of retirement accounts by non-spouse beneficiaries. Reminder to make sure any estate documents that reference retirement plan distributions have been updated to reflect the new rules under the SECURE Act.
And then a little more recently, when COVID-19 became an international tragedy, a variety of stimulus plans passed in 2020 – in particular, the CARES Act, to try to address the economic challenges. Those who took coronavirus-related distributions (CRDs) in 2020 still have three years to pay back those distributions and then can claim a tax refund of any tax collected.

With three major pieces of tax legislation passed within the last few years—and one more pending/stuck in Congress —we have more rules to follow and planning to do than ever before.

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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Key Financial Data 2022