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What you need to know before tax dayWith taxes due April 18 this year, Americans have a few extra days to prepare. But don't procrastinate — there are several files to gather and information to keep in mind as you plan to file. Here are a few regulations that changed in 2022 as well as a checklist of the documents you’ll need.
Updates to file your 2022 taxes The income thresholds for all tax brackets increased in 2022 to reflect the rise in inflation, which means the amount of tax you owe may change this year. According to the IRS, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).
The other rates for the 2022 tax year are:
35%, for incomes over $215,950 ($431,900 for married couples filing jointly)
32% for incomes over $170,050 ($340,100 for married couples filing jointly)
24% for incomes over $89,075 ($178,150 for married couples filing jointly)
22% for incomes over $41,775 ($83,550 for married couples filing jointly)
12% for incomes over $10,275 ($20,550 for married couples filing jointly)
10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).
Document checklist As you gather your documents for your 2022 taxes, be sure to include:
Your 2021 federal and state tax returns
Bank account and routing numbers
Dependents’ dates of birth and social security numbers
W-2s from your employer(s)
1099-INT, 1099-DIV, and 1099-B for interest, dividends and stock sales
Alimony received or paid
Information on other sources of income, including 1099-NEC or 1099-Ks (for any independent contractor income)
Form 1098 showing mortgage interest, mortgage insurance premiums and points
Receipts for charitable donations
Form 1098-E for student loan interest
Records of contributions to HSA, IRA, SEP or self-employed retirement plans
Any other documents as needed
Don’t forget: Your 2022 tax forms from the Credit Union will be postmarked by Jan. 31, 2023. As always, please be sure to consult with a qualified tax professional for any questions or help with your 2022 taxes. Bridget McCrea is a Florida-based freelance writer who covers business, technology and supply chain for a variety of publications.