![]() The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs. The tax year 2022 maximum Earned Income Tax Credit amount is $6,935 for qualifying taxpayers who have three or more qualifying children, up from $6,728 for tax year 2021.The 2021 exemption amount was $73,600 and began to phase out at $523,600 ($114,600 for married couples filing jointly for whom the exemption began to phase out at $1,047,200). The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800).For 2022, as in 2021, 2020, 20, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly). ![]()
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