topic Re: 2022 COLA in Retirement tax questions

2022 COLA

Gwcmbrodnicki2230 — Thu, 15 Jul 2021 20:18:20 GMT

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

Re: 2022 COLA

KochuK — Thu, 15 Jul 2021 21:02:11 GMT

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 ? ?

Re: 2022 COLA

mesquitebean — Thu, 15 Jul 2021 22:13:11 GMT

@ 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/