![]() On a yearly basis the IRS adjusts more than 40 tax provisions for inflation. All rights reserved.įor more detail about the structure of the KPMG global organization please visit. ![]() © 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. GMS Flash Alert is a Global Mobility Services publication of the KPMG LLP Washington National Tax practice. The maximum credit allowed for adoptions for tax year 2022 is the amount of qualified adoption expenses up to $14,890, up from $14,4. The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns). The modified adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit provided in Internal Revenue Code § 25A(d)(2) is not adjusted for inflation for taxable years beginning after December 31, 2020.For tax year 2022, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $280.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 family coverage, the out-of-pocket expense limit is $9,050 for tax year 2022, an increase of $300 from tax year 2021. However, the deductible cannot be more than $7,400, up $250 from the limit for tax year 2021. ![]() ![]()
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