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Gwcmbrodnicki2230
Level 1
July 15, 2021
Question

2022 COLA

  • July 15, 2021
  • 2 replies
  • 1 view

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

    2 replies

    KochuK
    KochuK
    Level 7
    July 15, 2021

    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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    M
    mesquitebean
    Level 15
    July 15, 2021
    @ 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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