Qualified charitable distributions (QCDs)

Qualified charitable distributions (QCDs) are distributions made directly from an IRA to a qualified charity. Such distributions may be excluded from income and count toward satisfying any required minimum distributions (RMDs) you would otherwise have to receive from your IRA. Individuals age 70½ and older can make up to $100,000 in QCDs per year.

 

Income Tax Key Numbers

Alternative minimum tax (AMT)20222023
Maximum AMT exemption amount$118,100 (MFJ), $75,900 (Single/HOH), $59,050 (MFS)$126,500 (MFJ), $81,300 (Single/HOH), $63,250 (MFS)
Exemption phaseout threshold$1,079,800 (MFJ), $539,900 (Single/HOH/MFS)$1,156,300 (MFJ), $578,150 (Single/HOH/MFS)
26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount)206,100 (MFJ/Single/HOH), $103,050 (MFS)$220,700 (MFJ/Single/HOH), $110,350 (MFS)
Standard deduction20222023
Standard deduction amount$25,900 (MFJ), $19,400 (HOH), $12,950 (Single), $12,950 (MFS)$27,700 (MFJ), $20,800 (HOH), $13,850 (Single), $13,850 (MFS)
Standard deduction for dependentCan't exceed the greater of $1,150 or $400 + earned incomeCan't exceed the greater of $1,250 or $400 + earned income
Additional deduction for aged/blind$1,750 (Single/HOH), $1,400 (MFJ/MFS)$1,850 (Single/HOH), $1,500 (MFJ/MFS)
Top tax brackets20222023
Single37% of taxable income exceeding $539,900 + $162,71837% of taxable income exceeding $578,125 + $174,238.25
MFJ37% of taxable income exceeding $647,850 + $174,253.5037% of taxable income exceeding $693,750 + $186,601.50
MFS37% of taxable income exceeding $323,925 + $87,126.7537% of taxable income exceeding $346,875 + $93,300.75
HOH37% of taxable income exceeding $539,900 + $161,218.5037% of taxable income exceeding $578,100 + $172,623.50
Top capital gain tax rate (20%) thresholds20222023
Single$459,750$492,300
MFJ$517,200$553,800
MFS$258,600$276,900
HOH$488,500$523,050
Unearned income Medicare contribution tax (Net investment income tax)20222023
Amount of tax3.80%3.80%
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding:
Individuals$200,000$200,000
Married filing jointly$250,000$250,000
Married filing separately$125,000$125,000
Standard mileage rates20222023
Use of auto for business purposes (cents per mile)$0.585 or $0.625*TBD
Use of auto for medical purposes (cents per mile)$0.18 or $0.22*TBD
Use of auto for moving purposes (cents per mile)$0.18 or $0.22*TBD
Use of auto for charitable purposes (cents per mile)$0.14$0.14
* The IRS raised mileage rates for the final 6 months of 2022, so the higher rates noted above are effective as of July 1, 2022.


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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2022.