What are the most critical changes in the tax law for retirees for 2022

960 — Mon, 23 Feb 2026 10:14:38 GMT

Are there specific changes that affect retirees this year?

What are the deduction amounts for Standard vs. Itemized deductions this year?

Re: What are the most critical changes in the tax law for retirees for 2022

BrittanyS — Wed, 25 Jan 2023 18:30:01 GMT

There are a few changes for 2022 that could affect retirees. Listed below are a few changes you may want to watch out for:

Extra Standard Deduction for Seniors over 65 - A single 65-year-old taxpayer will get a $14,700 standard deduction for 2022.
Credit for the Elderly or Disabled
2022 Changes to retirements plans - phase-out ranges for Traditional IRA income, Roth IRA contributions, and Saver's Credit Income have changed for 2022
Inflation Reduction Act of 2022
Premium Tax Credit
Charitable Contributions - During COVID, taxpayers could take up to $600 charitable donations on their tax return if they claimed a standard deduction. For 2022, those who claim the standard deduction can not claim charitable contributions.

The standard deductions for 2022 are as follows:

You can itemize for 2022 if your deductible expenses on Schedule A exceed the 2022 standard deduction. A list of Schedule A expenses would be:

Unreimbursed Medical and Dental Expenses - you can only deduct the medical amount that exceeds 7.5% of your 2022 adjusted gross income
Long-term Care Insurance Premiums - deductible to the extent that the premiums exceed 10% of your adjusted gross income
Taxes Paid - deductions for state and local sales tax and property taxes but cannot exceed $10,000
Interest You Paid - Home mortgage interest reported on Form 1098
Charitable Contributions
Casualty and Theft Loss
Job Expenses and Other Miscellaneous Deductions - limited to 2% of your adjusted gross income

For more information on standard and itemized deductions, see the link below: