Changes to 401k plans, child tax credit, Social Security for 2022
The new year brings a plethora of changes to retirement accounts, mostly at the margins due to incremental inflation increases. This nj.com article by Karin Price Mueller hits on saving for retirement accounts, 401k plans, standard deductions, tax brackets, child tax credits, withholding, Social Security and taxes, capital gains, and charitable contributions. Of particular interest to those receiving Social Security is the 5.9% increase. That may push some into a situation where income tax kicks in. Also, it could kick some into a higher Medicare Part B and Part D premium or into a higher level of long-term capital gains rate. Full article here.