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Gwcmbrodnicki2230
Level 1

2022 COLA

Does Turbo Tax have any projection for the worth/increase of the Social Security 2022 COLA?

2 Replies
KochuK
Employee Tax Expert

2022 COLA

Hi Gwcmbrodnicki2230, thank you for joining TurboTax Special Tax Forum today.

 

We have to wait for the official announcement on the Maximum earnings subject to  Social Security tax for 2022.

 

I wish to list the recent history for your reference.

Tax year     Max earnings      Increase from prior year

2016          118,500

2017          127,200                 8,700

2018          128,400                 1,200

2019          132,900                 4,500

2020          137,700                 4,800

2021          142,800                 5,100

2022                ?                            ?

 

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mesquitebean
Level 15

2022 COLA


@ Gwcmbrodnicki2230 wrote:

Does Turbo Tax have any projection for the worth/increase of the Social Security 2022 COLA?


I'm a fellow user and saw theses articles just this week about the COLA for 2022.   There are several other articles which came out this week after the CPI (Consumer Price Index) rose to 5.4% in June.

The COLA adjustment will be announced in October.

 

CBS News:  Social Security recipients may get biggest cost-of-living bump in almost 40 years

https://www.cbsnews.com/news/social-security-cola-2022-increase-biggest-nearly-40-years/

 

Fortune:  Social Security payments could rise over 6% next year

https://fortune.com/2021/07/15/social-security-payments-2022-inflation-cola/

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