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