Page 13 - Supplement to 2022 Income Tax
P. 13
Estimating Your 2022 Taxes
Gift tax annual exclusion and lifetime exemption from for any updates. (Page references in this list are to the
gift tax and estate tax (pages 683-688). The annual text of Your Income Tax 2022.)
exclusion for gifts made in 2022 is $16,000 per • Special rules for health and dependent care FSAs
individual donee (up from $15,000 in 2021). Married (pages 78–82)
couples can agree to “split” one spouse’s gifts, doubling • Charitable contribution deduction by
the 2022 exclusion for each donee to $32,000. The nonitemizers (page 351)
unlimited marital deduction applies to gifts made to a • Higher percentage limit on cash contributions by
itemizers (pages 379–380)
spouse who is a U.S. citizen. For gifts to a noncitizen • Itemized deduction for mortgage insurance
spouse, the annual exclusion for 2022 is $164,000. premiums (page 392)
The “lifetime” exclusion (exemption) from gift tax • Expanded and fully refundable child tax credit
that applies to taxable gifts in excess of the annual (pages 515–517)
exclusion and other tax-free gifts is the same as the • Expanded and fully refundable dependent care
basic exemption for estate tax purposes. For 2022, the credit (pages 518–522)
exemption amount is $12.06 million (up from $11.7 • Expanded earned income credit for childless
million in 2021). individuals (page 525)
• Credit for health insurance costs for trade
Attorney fee awards (page 811). The limit on adjustment assistance recipients and other eligible
attorney fee awards for taxpayers who substantially individuals (page 534)
prevail against the IRS is generally $220 per hour • Credit for nonbusiness energy property added
to a principal residence (e.g., insulation; storm
for fees incurred in 2022 (up from $210 per hour windows and doors) (page 535)
in 2021); a court may increase the $220 limit in • Credit for plug-in electric drive two-wheel vehicles
special cases. (page 535)
• Credit for qualified fuel cell motor vehicles (pages
535, 719)
Expired Tax Breaks • Credit for alternative fuel vehicle refueling
property (page 719)
The following is a list of tax breaks that expired at the • Indian employment credit (page 719)
end of 2021. Congress could decide to extend them • Credit for construction of new energy efficient
retroactively or make them permanent; see jklasser.com homes (page 719)
Supplement to J.K. Lasser’s Your Income Tax 2022 | 11
