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2022 Tax
Rate Guide
2022 TAX RATE GUIDE
The National Wealth Strategies team, part of the
Chief Investment Office, is pleased to present the
2022 BankofAmerica Tax Rate Guide. This edition contains
various federal income and transfer tax rates for 2021 and
2022. State tax rates are also included for your convenience.
This booklet is intended to provide you with convenient
reference material regarding various federal and state tax rates.
The tax information provided in this booklet is a high-level
summary of certain tax rules. The rules described herein are
highly complex and exceptions may apply (only certain of which
are described herein). In using this booklet you should confirm
with your tax advisor whether the rules noted herein apply to
your particular circumstances.
National Wealth Strategies, Chief Investment Office
February 2022
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”
or “Merrill”) makes available certain investment products sponsored, managed,
distributed or provided by companies that are affiliates of Bank of America
Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered
investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Investment products:
Are Not FDIC
Insured
Are Not Bank
Guaranteed
May Lose Value
TABLE OF CONTENTS
(click to advance to selected section)
FEDERAL 2021 AND 2022
Income Tax Rates
Single Individuals .............................................................................1
Married Taxpayers Filing Jointly and
Qualifying Surviving Spouses ......................................................2
Married Taxpayers Filing Separate Returns .............................3
Head of Household ..........................................................................4
Trusts and Estates ...........................................................................5
Rights and Benefits of Same-Sex Couples ...................................6
Net Investment Income Surtax .........................................................7
Itemized Deductions ............................................................................7
Personal Exemptions and
Phase-out of Personal Exemptions .................................................8
Standard Deduction .............................................................................8
Standard Mileage Rates......................................................................9
Capital Gains and Qualified Dividends ...........................................9
Alternative Minimum Taxable Exemption ...................................10
Social Security and Medicare Tax .................................................12
Unified Transfer Tax Rates ............................................................. 13
Exclusions and Exemptions ............................................................13
State Death Tax Deduction .............................................................14
Interest and Certain Penalty Rates ..............................................15
IRC Section 7520 Discount Rate...................................................16
Retirement Savings Limitations ...................................................17
General Contribution Limitations for IRAs ....................................... 17
Pass-Through Entity Taxes ......................................................................18
c
Continued on next page >
d
TABLE OF CONTENTS (CONTINUED)
STATE TAXES
STATES A-H
STATES I-M
STATES N-P
STATES R-W
1
FEDERAL
Income Tax Rates for
SINGLE INDIVIDUALS
For Tax Years Beginning in 2021
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
9,950. 995.00 12.0
40,525. 4,664.00 22.0
86,375. 14,751.00 24.0
164,925. 33,603.00 32.0
209,425. 47,843. 0 0 35.0
523,600. 157,804.25 37.0
For Tax Years Beginning in 2022
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
10,275. 1,027. 5 0 12.0
41,775. 4,8 07. 50 22.0
89,075. 15,213.50 24.0
170,050. 34 ,6 47. 50 32.0
215,950. 49,335.50 35.0
539,900. 162,718.00 37.0
Return to Table of Contents
2
FEDERAL
Income Tax Rates for
MARRIED TAXPAYERS FILING JOINTLY AND
QUALIFYING SURVIVING SPOUSES
For Tax Years Beginning in 2021
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
19,900. 1,990.00 12.0
81,050. 9,328.00 22.0
172,750. 29,502.00 24.0
329,850. 67, 20 6. 0 0 32.0
418,850. 95,686.00 35.0
628,300. 168,993.50 37.0
For Tax Years Beginning in 2022
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
20,550. 2,055.00 12.0
83,550. 9,615.0 0 22.0
178,15 0. 30, 427.0 0 24.0
340,100. 69,295.00 32.0
431,900. 98,671.00 35.0
647,8 50 . 174,253.50 37.0
Return to Table of Contents
3
FEDERAL
Income Tax Rates for
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
For Tax Years Beginning in 2021
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
9,950. 995.00 12.0
40,525. 4,664.00 22.0
86,375. 14,751.00 24.0
164,925. 33,603.00 32.0
209,425. 47.843. 0 0 35.0
314,150. 84,496.75 37. 0
For Tax Years Beginning in 2022
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
10,275. 1,027. 5 0 12.0
41,775. 4,8 07. 50 22.0
89,075. 15,213.50 24.0
170,050. 34 ,6 47. 50 32.0
215,950. 49,335.50 35.0
323,925. 87,126 .75 37.0
Return to Table of Contents
4
FEDERAL
Income Tax Rates for
HEAD OF HOUSEHOLD
For Tax Years Beginning in 2021
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
14,200. 1,420.00 12.0
54,200. 6,220.00 22.0
86,350. 13,293.0 0 24.0
164,900. 32,145.00 32.0
209,400. 46,385.00 35.0
523,600. 156,355.00 37. 0
For Tax Years Beginning in 2022
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
14,650. 1,465.00 12.0
55,900. 6,415.00 22.0
89,050. 13,708.00 24.0
170,050. 33,148.00 32.0
215,950. 47,836.00 35.0
539,900. 161,218.50 37.0
Return to Table of Contents
5
FEDERAL
Income Tax Rates for
TRUSTS AND ESTATES
For Tax Years Beginning in 2021
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
2,650. 265.00 24.0
9,550. 1,921.00 35.0
13,050. 3,146.00 37.0
For Tax Years Beginning in 2022
TAX EQUALS
If Taxable
Income Is:
This Amount PLUS
This Rate of Excess
Taxable Income
$ - $ -0- 10.0 %
2,750. 275.00 24.0
9,850. 1,979.00 35.0
13,450. 3,239.00 37. 0
Return to Table of Contents
6
Rights and Benefits of Same-Sex Couples
On June 26, 2015, the United States Supreme Court issued a
decision in the Obergefell case that constitutionally mandated
recognition of same-sex marriage in all 50 states and the
District of Columbia. Laws regarding filing status, spousal
deduction, etc., for state tax purposes will now apply to same
sex married couples just as they do to opposite-sex married
couples. Despite the apparent clarity of the judgment, quite
a number of details must be worked out by the states and the
IRS for both income and transfer tax purposes, including:
1) the degree of retroactivity (e.g. amended returns), if any;
2) whether civil unions and domestic partnerships, or similar
arrangements, that have been recognized by some states
will continue to be recognized by those states (or other
states); and
3) which aspects will be dealt with administratively and which
might require new state laws (or repeal of existing laws).
Return to Table of Contents
7
FEDERAL
3.8% Surtax on Net Investment Income
Individuals
Beginning in 2013, a 3.8% surtax applies to the lesser of (1) net
investment income or (2) modified adjusted gross income in excess
of the following thresholds (without adjustment for inflation):
Single $200,000.
Married Filing Jointly $250,000.
Married Filing Separately $125,000.
Trust and Estates
A 3.8% surtax applies to the lesser of (1) undistributed net
investment income or (2) the excess of adjusted gross income
over $13,050 for 2021 and $13,450 for 2022.
FEDERAL
Itemized Deductions
The itemized deduction phase-out was eliminated by the
Tax Cuts and Jobs Act of 2017 (TCJA), which was signed on
December 22, 2017 (which made significant, but temporary,
changes to federal tax law for tax years 2018 through 2025).
Return to Table of Contents
8
FEDERAL
Personal Exemptions
The personal exemption has been effectively combined with
an enhanced standard deduction for tax years 2018 through
2025.
FEDERAL
Standard Deduction
2021 2022
Single $12,550. $12,950.
Married Filing Jointly/Surviving Spouse $25,10 0. $25,900.
Married Filing Separately $12,550. $12,950.
Head of Household $18,800. $19,40 0.
Notes:
1. The TCJA eliminated personal exemptions and increased the standard
deduction significantly.
2. An additional standard deduction of $1,750 is available in 2022
(up from $1,700 in 2021) for an unmarried individual (other than a
surviving spouse) who is elderly or blind.
3. For married couples (filing jointly or separate) the additional standard
deduction is $1,400 per spouse in 2022 (up from $1,350 in 2021), who
is elderly or blind.
4. An individual who is both elderly and blind is entitled to an additional
standard deduction for each status ($2,800 in 2022, up from $2,700
in 2021). For married couples, each spouse is entitled to an additional
deduction for whichever status(es) apply.
5. The standard deduction for a person who may be claimed as a
dependent is limited to the greater of (1) $1,150 or (2) the sum
of $400 and the individual’s earned income, but not more than the
standard deduction for a single person ($12,550 for 2021 or $12,950
for 2022).
Return to Table of Contents
9
FEDERAL
Standard Mileage Rates
2021 2022
1) Business miles driven 56.0¢ 58.5¢
2) Medical/Moving expense miles 16.0 18.0
3) Charitable deduction miles 14.0 14.0
FEDERAL
Maximum Income Tax Rates for
Capital Gains and Qualified Dividends
For Tax Years Beginning in 2021 and 2022
The maximum tax rate imposed on net long-term capital gains
(i.e., net long-term capital gain less net-short term capital loss,
if any) of individuals, estates and trusts depends on the type
of asset and the federal tax bracket of the taxpayer.
Qualified dividend income is taxed at the same favorable rate
as net long-term capital gains.
For the sale of capital assets, like stocks and bonds, the
following are the maximum capital gain tax rates for holding
periods of more than 12 months:
For 2022, the chart below indicates the capital gains rate applicable to the
extent a taxpayer’s taxable income does not exceed the indicated amounts:
Filing Status 0% if below 15% if below 20% at or over
Married Filing Jointly $83,350. $517,200. $517,200.
Head of Household 55,800. 488,500. 488,500.
Single 41,675. 459,750. 459,750.
Married Filing Separately 41,675. 258,600. 258,600.
Trust & Estates 2,800. 13,700. 13,700.
Return to Table of Contents
10
For 2021 and 2022:
Unrecaptured Sec. 1250 — 25%
Collectibles — 28%
For assets held 12 months or less, the capital gain is treated as
short-term capital gain and taxed effectively as ordinary income.
Note: Net capital gain taxed at the maximum capital gain rate (including
qualified dividend income) is not considered investment income for
purposes of the limitation on the deduction for investment interest, unless
an election is made to tax the elected amount at ordinary income tax rates.
FEDERAL
Alternative Minimum Taxable Exemption
For Tax Years Beginning in 2021 and 2022
The alternative minimum tax (AMT) is a separate and parallel
tax system that taxes a broader base of income with fewer
deductions at a lower, flatter rate than the regular tax. The
greater of the gross AMT and the regular income tax is paid.
AMT effectively nullifies many of the tax advantages that
apply under the regular method of calculating income tax.
2021 2022
Married Filing Jointly & Widow(er)
AMT Exemption $114,6 0 0. $118,10 0.
AMT Phaseout Range $1,047,200. *
to $1,505,600.
$1,079,800. *
to $1,552,200.
Single & Head of Household
AMT Exemption $73,600. $75,900.
AMT Phaseout Range $523,600. *
to $818,000.
$539,900. *
to $843,500.
Married Filing Separately**
AMT Exemption $57, 3 0 0. $59,050.
AMT Phaseout Range $523,600. *
to $752,800.
$539,900. *
to $776,100.
Return to Table of Contents
11
2021 2022
Trusts and Estates
AMT Exemption $25,700. $26,500.
AMT Phaseout Range $85,650. *
to $188,450.
$88,300. *
to $194,300.
Excess Taxable Income above which the 28% rate applies
Married filing separate $99,950. $103,050.
All others $199,900. $206,10 0.
* AMT exemption is reduced by 25 cents for each dollar of AMTI in
excess of the lower number noted in the phase-out range and is
completely phased out by the higher number.
** MFS taxpayers lose their entire exemption when AMTI reaches $776,100
(up from $752,800 in 2021). After this point, they must increase their
AMTI by 25 cents for every dollar in excess of $776,100 (up from
$752,800 in 2021) of AMTI, up to an overall increase of $59,050 (up
from $57,300 in 2021). This effectively equates MFS and MFJ filers.
Special exemption for certain children—The AMTI exemption for a
child to whom the “kiddie tax” applies is equal to the lesser of $75,900
(up from $73,600 in 2021) or the sum of the child’s earned income plus
$8,200 in 2022 (up from $7,950 in 2021).
Deferring Capital Gain—Opportunity Zone Tax Benefits
Tax legislation enacted in late 2017 introduced a provision that allows capital
gain to be deferred, and possibly reduced. The goal of this tax change is to
encourage investment in certain low-income communities, called “Qualified
Opportunity Zones,” by providing tax benefits in the form of capital gain tax
deferral, tax reduction and, in some cases, permanent elimination of post-
investment appreciation. The deferral is available only if capital gain is timely
reinvested into a “Qualified Opportunity Fund,” which is an investment vehicle
that invests in Qualified Opportunity Zones and meets certain tax requirements.
The potential tax benefits can be summarized as follows: If before December
31, 2026 you (or a pass through entity in which you are an owner) sell a capital
asset to an unrelated person and invest some or all of that capital gain into a
Qualified Opportunity Fund within 180 days generally beginning on the date
of such sale, then you might receive the following tax benefits:
• Deferral of that capital gain to December 31, 2026;
• 10% reduction in that capital gain if your new investment is held for 5 years
(additional 5% reduction if held 7 years) prior to December 31, 2026*; and
• Elimination of post-contribution appreciation if your new investment is held
for at least 10 years, but disposed of no later than December 31, 2047.
* Note: As a practical matter, these reductions are no longer available
for new investments. Only investments made before 12/31/21 and
12/31/19, respectively could have been eligible for these benefits.
Return to Table of Contents
12
FEDERAL
Social Security and Medicare Tax
2021 and 2022
Withholding Tax Rates on Employee Wages
Year Rate
Taxed on
Wages Up to
Social Security 2021 6.20 % $142,800
2022 6.20 % $147,000
Medicare 2021 1.45 % Threshold*
2022 1.45 % Threshold*
Year Rate
Taxed on
Wages Above
Medicare 2021 2.35 % Threshold*
2022 2.35 % Threshold*
Withholding Tax Rates on Earnings from Self-Employment
Year Rate
Taxed on
Wages Up to
Social Security 2021 12.40 % $142,800
2022 12.40 % $147,000
Medicare 2021 2.90 % Threshold*
2022 2.90 % Threshold*
Year Rate
Taxed on
Wages Above
Medicare 2021 3.80 % Threshold*
2022 3.80 % Threshold*
Note: The threshold amount for the payment of employment taxes for
domestic services in the employer’s home (the “nanny tax”) is $2,400 in
2022 (up from $2,300 in 2021).
* Threshold is $250,000 for married filing jointly; $200,000 for single,
head of household, and surviving spouses; and $125,000 for married
filing separately.
Return to Table of Contents
13
FEDERAL
Unified Transfer Tax Rates
2021 and 2022
TAX EQUALS
If Taxable
Transfer is:
This
Amount
PLUS
This Rate
of Excess
Taxable Transfer
$ -0- $ -0- 18%
10,000. 1,800.00 20
20,000. 3,800.00 22
40,000. 8,200.00 24
60,000. 13,000.00 26
80,000. 18,200.00 28
100,000. 23,800.00 30
150,000. 38,800.00 32
250,000. 70,800.00 34
500,000. 155,800.00 37
750,000. 248,300.00 39
1,000,000. 345,800.00 40
FEDERAL
Exclusions and Exemptions
2020 – 2022
2020 2021 2022
Annual Gift Exclusion
Gifts to Non-Citizen Spouse $ 157,000. $ 159,000. $ 164,000.
Gifts to Any Other Individuals 15,000. 15,000. 16,000.
Estate Tax Exemption* 11,580,000. 11,700,000. 12,060,000.
Credit Equivalent 4,577,800. 4,625,800. 4,769,800.
Gift Tax Exemption* 11,580,000. 11,700,000. 12,060,000.
GST Exemption 11,580,000. 11,700,000. 12,060,000.
* Plus any deceased spousal unused exemption (DSUE) amount.
Return to Table of Contents
14
FEDERAL
State Death Tax Deduction
2021 and 2022
Repeal of credit. Beginning in 2005, the state death tax credit
is replaced by a deduction for state death taxes paid.
Some states still use the federal credit table to figure their state
estate tax. Therefore, the following table is provided solely for
state estate tax purposes:
Maximum Credit For State Death Taxes Pre-EGTRRA
CREDIT EQUALS
If Adjusted
Taxable
Estate is:
This Amount
PLUS
This Rate of
Excess Adjusted
Taxable Estate
$ -0- $ -0- 0.0%
40,000. -0- 0.8
90,000. 400.00 1.6
140,000. 1,200.00 2.4
240,000. 3,600.00 3.2
440,000. 10,000.00 4.0
640,000. 18,000.00 4.8
840,000. 27,600.00 5.6
1,040,000. 38,800.00 6.4
1,540,000. 70,800.00 7.2
2,040,000. 106,800.00 8.0
2,540,000. 146,800.00 8.8
3,040,000. 190,800.00 9.6
3,540,000. 238,800.00 10.4
4,040,000. 290,800.00 11.2
5,040,000. 402,800.00 12.0
6,040,000. 522,800.00 12.8
7,040,000. 650,800.00 13.6
8,040,000. 786,800.00 14.4
9,040,000. 930,800.00 15.2
10,040,000. 1,082,800.00 16.0
Note: The Adjusted Taxable Estate is the Taxable Estate less $60,000.
Return to Table of Contents
15
FEDERAL
Interest and Certain Penalty Rates
Noncorporate Taxpayers
The Interest Rates on Underpayment (A) and Overpayment (B)
of Taxes and the Penalty for Underpayment of Estimated Tax
(A) are as follows:
Period (A)* (B)*
January 1, 1999
–
March 31, 1999 7% 7%
April 1, 1999
–
March 31, 2000 8 8
April 1, 2000
–
March 31, 2001 9 9
April 1, 2001
–
June 30, 2001 8 8
July 1, 2001
–
December 31, 2001 7 7
January 1, 2002
–
December 31, 2002 6 6
January 1, 2003
–
September 30, 2003 5 5
October 1, 2003
–
March 31, 2004 4 4
April 1, 2004
–
June 30, 2004 5 5
July 1, 2004
–
September 30, 2004 4 4
October 1, 2004
–
March 31, 2005 5 5
April 1, 2005
–
September 30, 2005 6 6
October 1, 2005
–
June 30, 2006 7 7
July 1, 2006
–
December 31, 2007 8 8
January 1, 2008
–
March 31, 2008 7 7
April 1, 2008
–
June 30, 2008 6 6
July 1, 2008
–
September 30, 2008 5 5
October 1, 2008
–
December 31, 2008 6 6
January 1, 2009
–
March 31, 2009 5 5
April 1, 2009
–
December 31, 2010 4 4
January 1, 2011
–
March 31, 2011 3 3
April 1, 2011
–
September 30, 2011 4 4
October 1, 2011
–
March 31, 2016 3 3
April 1, 2016
–
March 31, 2018 4 4
April 1, 2018
–
December 31, 2018 5 5
January 1, 2019
–
June 30, 2019 6 6
July 1, 2019
–
June 30, 2020 5 5
July 1, 2020
–
March 31, 2022 3 3
* All rates are compounded daily, except for Additions to Tax for
Underpayment of Estimated Tax.
Return to Table of Contents
16
FEDERAL
IRC SECTION 7520
Discount Rate
Month Interest Rate
November 2017 2.4
December 2017 and January 2018 2.6
February 2018 2.8
March 2018 3.0
April and May 2018 3.2
June through October 2018 3.4
November and December 2018 3.6
January 2019 3.4
February and March 2019 3.2
April 2019 3.0
May and June 2019 2.8
July 2019 2.6
August and September 2019 2.2
October 2019 1.8
November 2019 through January 2020 2.0
February 2020 2.2
March 2020 1.8
April 2020 1.2
May 2020 0.8
June and July 2020 0.6
August through November 2020 0.4
December 2020 through February 2021 0.6
March 2021 0.8
April 2021 1.0
May through August 2021 1.2
September and October 2021 1.0
November 2021 1.4
December 2021 and February 2022 1.6
Notes:
1. The value of an annuity, interest for life or for a term of years, or
remainder or reversionary interest is determined using the above rate
for the month in which the value date occurs.
2. If you create a charitable split interest trust, you may use the rate for
the month of creation or the two preceding months.
Return to Table of Contents
17
FEDERAL
Retirement Savings Limitations
Limitation 2021 2022
401(k), 403(b) & 457(b) elective deferrals $ 19,500. $ 20,500.
Catch-up contributions (50 & older*) 6,500. 6,500.
Annual benefit for defined benefit plans 230,000. 245,000.
Defined contribution plan annual additions 58,000. 61,000.
Annual compensation limits for qualified
pension, profit-sharing and stock bonus
plans, etc.
290,000. 305,000.
Dollar threshold for key-employee in
top-heavy plans
185,000. 200,000.
Highly compensated employee for
nondiscrimination rules
130,000. 135,000.
SIMPLE plan max. elective deferrals 13,500. 14,000.
SIMPLE plan catch-up contributions* 3,000. 3,000.
Maximum ESOP balance for
5-year distribution [§409(o)(1)(C)(ii)]
1,165,000. 1,230,000.
Amount used for extending 5-year distribution 230,000. 245,000.
FEDERAL
General Contribution Limitations for IRAs
Limitation 2021 2022
Traditional IRA & Roth IRA contribution $6,000. $6,000.
Catch-up contribution (50 & older*) 1,000. 1,000.
* Age 50 and older at any time during the calendar year.
The foregoing is a summary of certain retirement plan contribution
amounts, thresholds and important figures. Certain plans, phase-outs
and special rules are not addressed in this summary.
Return to Table of Contents
18
Pass-Through Entity Taxes
Several states have adopted a so-called "Pass-Through Entity
Tax" (PTE Tax). Each of these PTE taxes vary (sometimes
widely) in how they apply and operate, but they all share
a common goal of reducing or mitigating the negative tax
impact of the "State and Local Tax" (SALT) limitation enacted
by Congress in the Tax Cuts and Jobs Act of 2017 (TCJA),
starting with tax year 2018, that, for individual taxpayers,
limited the federal income tax deduction for state and
local taxes to no more than $10,000 per year. Each PTE Tax
assesses and collects state income taxes at the entity level
instead of at the partner/member level and then gives each
partner/member either (1) a "credit" on their personal state
income tax return for some or all of those state taxes paid by
the entity or (2) an exclusion from state income equal to the
amount of income taxed under its PTE rules.
The details of state taxes vary too much to allow any
"summary" to be offered in this Tax Guide. You should be
aware that, as of the date of this publication, the following
states have adopted some form of PTE tax: (AL, AZ, AR, CA,
CT, CO, DC, ID, GA, LA, MD, MA, MI, MN, NJ, NY, NYC, OH, OK,
OR, RI, SC, WI, VA, WI). Other states are actively considering
PTE taxes. Some of these are applicable to only certain types
of entities, some apply only to resident partners and others
only to non-resident partners. Some of these state laws are
elective at the entity level and others at the partner/member
level. Taxpayers should consult with their own tax advisers
before attempting to take advantage of any of these state
PTE tax laws.
Return to Table of Contents
19
Pass-Through Entity Taxes
The following states have enacted a so-called "Pass-Through
Entity Tax" for income earned in a pass-through entity (e.g.
LLC, partnership, S-Corp, etc.). The PTE tax is effective for
tax years as noted below:
AL ............................................................beginning on or after 1/1/21
AZ ...........................................................beginning on or after 12/31/21
AR ...........................................................beginning on or after 1/1/22
CA ...........................................................beginning on or after 1/1/21
CT* .........................................................beginning on or after 1/1/18
CO ..........................................................beginning on or after 1/1/22
DC* ........................................................existing
GA ..........................................................beginning on or after 1/1/22
ID ............................................................beginning on or after 1/1/21
IL ............................................................beginning on or after 12/31/21
LA ...........................................................beginning on or after 1/1/19
MD* .......................................................beginning after 12/31/19
MA ..........................................................beginning on or after 1/1/21
MI ...........................................................beginning on or after 1/1/21
MN .........................................................beginning after 12/31/20
NJ ...........................................................beginning on or after 1/1/20
NY ..........................................................beginning on or after 1/1/21
NYC ........................................................existing
NC ..........................................................beginning on or after 1/1/22
OH* ........................................................preceded TCJA
OK ..........................................................beginning on or after 1/1/19
OR ..........................................................beginning on or after 1/1/22
RI ............................................................beginning on or after 1/1/19
SC ...........................................................beginning on or after 1/1/21
VA ........................................................... existing
WI ...........................................................beginning on or after 1/1/18
* CT, DC and OH are mandatory. MD is mandatory only for nonresidents.
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20
ALABAMA
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING SEPARATE
RETURNS, HEAD OF HOUSEHOLD, TRUSTS AND
ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.00%
500. 10.00 4.00
3,000. 110.00 5.00
MARRIED TAXPAYERS FILING JOINTLY
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.00%
1,000. 20.00 4.00
6,000. 220.00 5.00
ESTATE AND GIFT TAX
2021 and 2022
The Alabama estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Alabama
estate tax. Alabama does not have a gift tax.
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21
ALASKA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Alaska currently does not impose a personal income tax.
ESTATE AND GIFT TAX
2021 and 2022
The Alaska estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Alaska
estate tax. Alaska does not have a gift tax.
ARIZONA
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income Is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – -0- 2.59%
27,808. 720 3.34
55,615. 1,649 4.17
166,843. 6,287 4.50
250,000
10,029
1.00
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income Is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – -0- 2.59%
27,272. 706 3.34
54,544. 1,617 4.17
163,632.
6,166
4.50
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22
MARRIED TAXPAYERS, HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income Is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – -0- 2.59%
55,615. 1,440 3.34
111,229. 3,298 4.17
333,684. 12,574 4.50
500,000 20,059
1.00
Note: The Arizona surcharge tax is not included in the above tables. The
surcharge is 3.5% of the taxable income amount that is over (i) $250,000 if
the filing method is either single or married filing separate or (ii) $500,000
if the filing method is either married filing joint or head of household.
ESTATE AND GIFT TAX
2021 and 2022
The Arizona estate tax was permanently repealed on May 8,
2006, effective for decedents dying after December 31, 2005.
Arizona does not have a gift tax.
ARKANSAS
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income Is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ 91,000. $ 5,119.00 5.9%
Note: Arkansas allows a capital gain deduction (exemption) of 50% for net
long-term capital gains realized during 2021. However, 100% of net capital
gains in excess of $10 million are exempt from tax.
A separate tax table exists for low income taxpayers. Total gross income
from all sources and filing status are used to determine eligibility to use
the low income tax table.
Arkansas taxpayers with net taxable income of $91,000 or below must
use the Arkansas tax tables. For taxpayers with net taxable income above
$91,000, tax is $5,119 plus 5.9% of the excess over $91,000.
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23
ESTATE AND GIFT TAX
2021 and 2022
The Arkansas estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Arkansas
estate tax. Arkansas does not have a gift tax.
CALIFORNIA
Income Tax Rates for 2021
SINGLE, MARRIED/RDP* TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
9,325. 93.25 2.0
22,107. 348.89 4.0
34,892. 860.29 6.0
48,435. 1,672.87 8.0
61,214. 2,695.19 9.3
312,686. 26,082.09 10.3
375,221. 32,523.20 11.3
625,369. 60,789.92
12.3**
* RDP – Registered Domestic Partners
** Taxable income in excess of $1 million subject to additional
1% mental health services tax.
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24
MARRIED/RDP* TAXPAYERS FILING JOINTLY
AND QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
18,650. 186.50 2.0
44,214. 697.78 4.0
69,784. 1,720.58 6.0
96,870. 3,345.74 8.0
122,428. 5,390.38 9.3
625,372. 52,164.17 10.3
750,442. 65,046.38 11.3
1,250,738. 121,579.83
12.3**
* RDP – Registered Domestic Partners
** Taxable income in excess of $1 million subject to additional
1% mental health services tax.
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
18,663. 186.63 2.0 2.0
44,217. 697.71 4.0 4.0
56,999. 1,208.99 6.0 6.0
70,542. 2,021.57 8.0 8.0
83,324. 3,044.13 9.3 9.3
425,251. 34,843.34 10.3 10.3
510,303. 43,603.70 11.3 11.3
850,503. 82,046.30
12.3**
** Taxable income in excess of $1 million subject to additional
1% mental health services tax.
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25
STANDARD DEDUCTION
Single and Married/RDP Filing Separately $4,803.
Married/RDP Filing Jointly, Qualifying Surviving 9,606.
Spouse and Head of Household
Dependents’ minimum standard deduction 1,100.
REDUCTION IN ITEMIZED DEDUCTIONS
Itemized deductions must be reduced by the lesser of 6% of the
excess of the taxpayer’s federal AGI over the threshold amount
or 80% of the amount of itemized deductions otherwise allowed
for the taxable year. The threshold amounts are:
Single or Married/RDP Filing Separately $212,288.
Head of Household 318,437.
Married/RDP Filing Jointly and Qualifying 424,581.
Surviving Spouse
EXEMPTION CREDIT
Single, Married/RDP Filing Separately and $129.*
Head of Household
Married/RDP Filing Jointly 258.*
and Qualifying Surviving Spouses
Dependents 400.
* An individual who is elderly is entitled to an additional exemption of $129;
an individual who is blind is entitled to an additional exemption of $129.
This credit is reduced by $12 for each $2,500 or fraction
thereof, by which a taxpayer filing jointly or as qualifying
surviving spouse’s AGI exceeds the threshold amount ($6 for
each $2,500 or fraction thereof for a single taxpayer or a head
of household and $6 for each $1,250 or fraction thereof for
married filing separately). The threshold amounts are:
Single or Married/RDP Filing Separately $212,288.
Head of Household 318,437.
Married/RDP Filing Jointly and Qualifying 424,581.
Surviving Spouse
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26
ESTATE AND GIFT TAX
2021 and 2022
The California estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax. Due to
the repeal of the federal state death tax credit, there is no
California estate tax. California does not have a gift tax.
COLORADO
Income Tax Rates for 2021
INDIVIDUALS
Colorado imposes tax on taxable income at a rate of 4.5%.
Individual taxpayers are subject to a Colorado alternative
minimum tax equal to the amount by which 3.47% of their
Colorado alternative minimum taxable income exceeds their
Colorado normal tax. Colorado alternative minimum taxable
income is the federal alternative minimum taxable income minus
the federal AMT exemption and plus certain modifications.
TRUSTS AND ESTATES
Colorado trusts and estates are taxed on their modified federal
taxable income. Tax is imposed at the rate of 4.5%. Trusts and
estates are subject to a Colorado alternative minimum tax equal
to the amount by which 3.47% of their Colorado alternative
minimum taxable income exceeds their Colorado normal tax.
Colorado alternative minimum taxable income is the federal
alternative minimum taxable income minus the federal AMT
exemption and plus certain modifications.
ESTATE AND GIFT TAX
2021 and 2022
The Colorado estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Colorado
estate tax. Colorado does not have a gift tax.
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27
CONNECTICUT
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS
FILING SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.00%
10,000. 300.00 5.00
50,000. 2,300.00 5.50
100,000. 5,050.00 6.00
200,000. 11,050.00 6.50
250,000. 14,300.00 6.90
500,000. 31,550.00 6.99
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.00%
16,000. 480.00 5.00
80,000. 3,680.00 5.50
160,000. 8,080.00 6.00
320,000. 17,680.00 6.50
400,000. 22,880.00 6.90
800,000. 50,480.00 6.99
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28
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.00%
20,000. 600.00 5.00
100,000. 4,600.00 5.50
200,000. 10,100.00 6.00
400,000. 22,100.00 6.50
500,000. 28,600.00 6.90
1,000,000. 63,100.00 6.99
Note: If you expect to owe federal alternative minimum tax for the 2021
taxable year, you may also owe Connecticut alternative minimum tax (lesser
of 19% of adjusted federal tentative minimum tax or 5.5% of adjusted
federal alternative minimum taxable income). See instructions for Form
CT-6251.
High income taxpayers are subject to a phase-out of lower tax brackets
and in some cases subject to a “flat tax rate.” The phase-out is achieved by
eliminating the 3% bracket. The 3% bracket is fully phased out for taxpayers
with AGI above $145,500 for married filing jointly ($114,500 for head of
household; $101,500 for single; and $72,750 for married filing separately).
Also, the benefit of the 5% to 6.9% brackets are phased out with a full
phase-out at $1,080,000 for those married filing jointly ($864,000 for head
of household and $540,000 for single and married filing separately).
TRUSTS AND ESTATES
Tax on Connecticut taxable income (federal taxable
income modified by Connecticut fiduciary adjustment
without allowance for a personal exemption).
6.99%
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29
ESTATE AND GIFT TAX
2021 and 2022
Note: Connecticut has a stand-alone unified estate and gift tax with a
$7,100,000 exemption for 2021 ($9,100,000 for 2022) at rates and brackets
indicated below. The exemption is scheduled to increase to the federal
exemption in 2023 and after. Connecticut requires that any Connecticut
QTIP election be consistent with any federal QTIP election. A separate
Connecticut QTIP election may be made only if no election was made for
federal estate tax purposes.
GIFT AND ESTATE TAX RATES, 2020-2022
Marginal Tax Rates
Value of Taxable Estate or Gift: 2021 2022
Up to $5,100,000. 0.0% 0.0%
$5,100,001 to $6,100,000. 0.0 0.0
$6,100,001 to $7,100,000. 0.0 0.0
$7,100,001 to $8,100,000. 10.8 0.0
$8,100,001 to $9,100,000. 11.2 0.0
$9,100,001 to $10,100,000. 11.6 11.6
$10,100,001 and greater. 12.0 12.0
Note: Beginning in 2023, a flat tax rate of 12% applies to the value of
the taxable estate and gift that exceeds the federal threshold.
Note: Connecticut is the only state that imposes a gift tax. That gift
tax is imposed on gifts of Connecticut property. A credit is allowed on
the estate tax return for gift taxes paid during life. For calendar years
beginning on or after January 1, 2019, Connecticut placed a $15 million
cap on Connecticut transfer taxes payable by residents or non-residents
or their estates. Thus, any combination of gifts and taxable estate
totaling more than approximately $130 million in 2021 and 2022 will
not be subject to tax.
Note: Effective Oct. 1, 2016 and applicable to estates of decedents
dying on or after January 1, 2021, Connecticut authorizes estates of
Connecticut decedents to reduce the estate tax due by an amount (up to
$5 million) equal to half of the amount invested by a decedent in certain
"innovation investment funds" as long as such investment was held by
the decedent for ten years or more.
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30
DELAWARE
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – $ -0- 0.00%
2,000. -0- 2.20
5,000. 66.00 3.90
10,000. 261.00 4.80
20,000. 741.00 5.20
25,000. 1,001.00 5.55
60,000. 2,943.50 6.60
Note: Delaware does not impose an income tax on trust income that is
accumulated for the benefit of non-resident beneficiaries.
ESTATE AND GIFT TAX
2021 and 2022
Delaware repealed its estate tax effective January 1, 2018. Prior
to 2018, the Delaware estate tax was designed to absorb the
state death tax credit allowed under the federal estate tax law in
effect on January 1, 2001. Delaware does not impose a gift tax.
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31
DISTRICT OF COLUMBIA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.00%
10,000. 400 6.00
40,000. 2,200 6.50
60,000. 3,500 8.50
350,000. 28,150 8.75
1,000,000. 85,025 8.95
ESTATE AND GIFT TAX
2021 and 2022
For deaths prior to 2016, the District of Columbia estate tax
was designed to absorb the state death tax credit allowed
under the federal estate tax law in effect prior to the
enactment of EGTRRA. The exclusion of $5,762,400 for 2020,
was reduced to $4,000,000 for 2021, and will be adjusted for
inflation starting in 2022. Taxable estates above this exclusion
are subject to tax at rates ranging for 12% to 16%. The
District of Columbia does not have a gift tax and does not have
portability.
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32
FLORIDA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Florida currently does not impose a personal income tax.
ESTATE AND GIFT TAX
2021 and 2022
The Florida estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Florida
estate tax. Florida does not have a gift tax.
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33
GEORGIA
Income Tax Rates for 2021
SINGLE INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
750. 8.00 2.0
2,250. 38.00 3.0
3,750. 83.00 4.0
5,250. 143.00 5.0
7,000. 230.00 5.75
MARRIED TAXPAYERS FILING JOINTLY
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
1,000. 10.00 2.0
3,000. 50.00 3.0
5,000. 110.00 4.0
7,000. 190.00 5.0
10,000. 340.00 5.75
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34
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
500. 5.00 2.0
1,500. 25.00 3.0
2,500. 55.00 4.0
3,500. 95.00 5.0
5,000. 170.00 5.75
ESTATE AND GIFT TAX
2021 and 2022
The Georgia estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Georgia
estate tax. Georgia does not have a gift tax.
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35
HAWAII
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.40%
2,400. 34.00 3.20
4,800. 110.00 5.50
9,600. 374.00 6.40
14,400. 682.00 6.80
19,200. 1,008.00 7.20
24,000. 1,354.00 7.60
36,000. 2,266.00 7.90
48,000. 3,214.00 8.25
150,000. 11,629.00 9.00
175,000. 13,879.00 10.00
200,000. 16,379.00 11.00
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36
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.40%
4,800. 67.00 3.20
9,600. 221.00 5.50
19,200. 749.00 6.40
28,800. 1,363.00 6.80
38,400. 2,016.00 7.20
48,000. 2,707.00 7.60
72,000. 4,531.00 7.90
96,000. 6,427.00 8.25
300,000. 23,257.00 9.00
350,000. 27,757.00 10.00
400,000. 32,757.00 11.00
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.40%
3,600. 50.00 3.20
7,200. 166.00 5.50
14,400. 562.00 6.40
21,600. 1,022.00 6.80
28,800. 1,512.00 7.20
36,000. 2,030.00 7.60
54,000. 3,398.00 7.90
72,000. 4,820.00 8.25
225,000. 17,443.00 9.00
262,500. 20,818.00 10.00
300,000. 24,568.00 11.00
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37
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.40%
2,000. 28.00 3.20
4,000. 92.00 5.50
8,000. 312.00 6.40
12,000. 568.00 6.80
16,000. 840.00 7.20
20,000. 1,128.00 7.60
30,000. 1,888.00 7.90
40,000. 2,678.00 8.25
Note: For all taxpayers, including trusts and estates, long term capital
gains are taxed at a maximum rate of 7.25%.
ESTATE AND GIFT TAX
2021 and 2022
Hawaii enacted an estate tax (effective May 1, 2010). Beginning
with deaths on or after January 26, 2012, the Hawaii exemption
has been frozen at $5,490,000 for decedents dying in 2017
and after. Hawaii imposes a tax on the net taxable estate (after
exemption) at rates ranging from 10% to a maximum of 20%
on net taxable estate amounts over $10,000,000. Civil union
couples subject to the Hawaii estate tax may take a marital
deduction. Hawaii does recognize portability for decedents who
died after January 25, 2012. A Hawaii portability election must
be filed separate from any federal election.
Although Hawaii does not have a gift tax, the Hawaii estate tax
does take lifetime gifts into account by reducing the otherwise
available $5,490,000 Hawaii basic exclusion amount by the
amount of federal lifetime taxable gifts (but not below zero).
Note: Hawaii also subjects to estate tax, Hawaii property transferred to a
single member LLC when a nonresident dies.
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38
IDAHO
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
1,588. 15.88 3.1
4,763. 114.32 4.5
6,351. 185.77 5.5
7,939. 273.10
6.5
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.0%
3,176. 31.76 3.1
9,526. 228.64 4.5
12,702. 371.54 5.5
15,878. 546.20
6.5
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39
ESTATE AND GIFT TAX
2021 and 2022
The Idaho estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Idaho
estate tax. Idaho does not have a gift tax.
ILLINOIS
Income Tax Rates for 2021
INDIVIDUALS
Illinois imposes tax on net income at a flat rate of 4.95%. Net
income generally is based on the federal income tax code.
TRUSTS AND ESTATES
Trusts and estates are taxable on undistributed income that is
not presently owed to any beneficiary. Tax is imposed at the rate
of 4.95%.Trusts also pay a 1.5% Personal Property Replacement
Tax (replacement tax). Estates do not pay replacement tax.
ESTATE AND GIFT TAX
2021 and 2022
The Illinois estate tax is based on the federal state death tax
credit table with a threshold exemption of $4,000,000 for 2013
and after. A separate state QTIP election is allowed up to the
amount of the difference between the federal exemption and
the Illinois exemption: $7,700,000 in 2021 and $8,060,000 in
2022. For individuals who are parties to a civil union, an Illinois
marital deduction (including QTIPs) is allowable. Unlike most
other state estate taxes, Illinois does not ignore the federal
deduction for state death taxes when computing the Illinois
estate taxes, therefore the computation of Illinois estate tax
requires a circular computation mathematically. Illinois does not
have a gift tax.
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40
INDIANA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Indiana imposes tax on adjusted gross income at a flat rate of
3.23%, regardless of filing status.
Note: Indiana counties levy an income tax in addition to the state level
tax. Depending on the county the rate varies from about 0.5% to 2.9%.
This tax is collected along with the state income tax.
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
The Indiana estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Indiana
estate tax.
Indiana repealed its separate inheritance tax on May 11, 2013,
retroactive to January 1, 2013. Indiana does not have a gift tax.
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41
IOWA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.33%
1,676. 5.53 0.67
3,352. 16.76 2.25
6,704. 92.18 4.14
15,084. 439.11 5.63
25,140. 1,005.26 5.96
33,520. 1,504.71 6.25
50,280. 2,552.21 7.44
75,420. 4,422.63
8.53
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
The Iowa estate tax is designed to absorb the credit allowed under
the federal estate tax law. Due to the repeal of the federal state
death tax credit, there is no Iowa estate tax.
Although Iowa currently has no estate tax, it does have a separate
inheritance tax. If the net estate of the decedent is less than
$25,000, the inheritance tax is zero. There is a full exemption for
transfers to spouse, lineal ascendants, and lineal descendants (for
deaths on or after July 1, 2016 this includes stepchildren and their
lineal descendants). The inheritance tax rates range from 4% to 8%
for transfers to a brother, sister (including half-brother, half-sister),
son-in-law and daughter-in-law. The rates for transfers to more
remote relatives and all others range from 8% to 12%. On June
16, 2021, a law was passed that reduces the inheritance tax rates
by twenty percent each year beginning January 1, 2021 through
December 31, 2024 and results in the repeal of the inheritance tax
as of January 1, 2025. Gifts made within 3 years of death also may
be subject to inheritance tax. Iowa does not have a gift tax.
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42
KANSAS
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.00%*
2,500. 78.00 3.10
15,000. 465.00 5.25
30,000. 1,252.50 5.70
* The rate on the first $2,500 will be 0% for individuals, for taxpayers
with income below $2,501.
MARRIED TAXPAYERS FILING JOINTLY
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.00%**
5,000. -0- 3.10
30,000. 930.00 5.25
60,000. 2,505.00 5.70
** The rate on the first $5,000 will be 0% for married couples with
income below $5,001.
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.10%
15,000. 465.00 5.25
30,000. 1,252.50 5.70
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43
ESTATE AND GIFT TAX
2021 and 2022
There currently is no Kansas estate tax. The former Kansas
estate tax was repealed for decedents dying on or after
January 1, 2010. Kansas does not have a gift tax.
KENTUCKY
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Kentucky imposes a flat tax rate of 5% on all taxable income.
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
The Kentucky estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to
the repeal of the federal state death tax credit, there is no
Kentucky estate tax.
Kentucky does have a separate inheritance tax. Class A
beneficiaries, consisting of spouse, parents, siblings (including
half-siblings), children and grandchildren are exempt from tax.
Property passing to a surviving spouse under a QTIP or POA
trust will be exempt in the first spouse’s estate, but is includible
in the surviving spouse’s estate. Class B beneficiaries (includes
aunts, uncles, nieces and nephews (including half-nieces and
half-nephews), great grandchildren and spouses of children) are
taxed at rates ranging from 4% to 16% on amounts received
in excess of $1,000. Class C beneficiaries (includes even more
remote relatives and all others) are taxed at rates ranging from
6% to 16% on amounts received in excess of $500. Gifts made
within 3 years of death also may be subject to inheritance tax.
Kentucky does not have a gift tax.
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44
LOUISIANA
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.0%
12,500. 250.00 4.0
50,000. 1,750.00 6.0
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.0%
25,000. 500.00 4.0
100,000. 3,500.00 6.0
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ - 0- 2.0%
10,000. 200.00 4.0
50,000. 1,800.00 6.0
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45
ESTATE AND GIFT TAX
2021 and 2022
The Louisiana estate tax is designed to absorb the credit
allowed under the federal estate tax law. Due to the repeal of
the federal state death tax credit, there is no Louisiana estate
tax. Louisiana does not have a gift tax.
MAINE
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ 0 $ -0- 5.80%
22,450. 1,302.00 6.75
53,150. 3,374.00 7.15
MARRIED TAXPAYERS FILING JOINTLY
AND SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ 0 $ -0- 5.80%
44,950. 2,607.00 6.75
106,350. 6,752.00 7.15
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46
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ 0 $ -0- 5.80%
33,650. 1,952.00 6.75
79,750. 5,064.00 7.15
ESTATE AND GIFT TAX
2021 and 2022
Maine’s estate tax law links the Maine estate tax exemption
to the federal Internal Revenue Code as it existed on
December31,2016. As a result, the Maine estate tax exemption
is $5,870,000 for 2021 and $6,010,000 for 2022. The first
$3million of Maine taxable estate above the exemption will be
taxed at 8%; the next $3 million at 10% and amounts greater
than $6 million over the exemption at 12%. Maine does allow a
state QTIP election up to the excess of the federal exemption
over the Maine exemption amount.
Note: Maine also subjects to estate tax, Maine property transferred to
a trust, LLC or other pass-through entity when a nonresident dies, and
includes gifts within one year of death in the taxable base. Maine does
not have a gift tax.
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47
MARYLAND
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.00%
1,000. 20.00 3.00
2,000. 50.00 4.00
3,000. 90.00 4.75
100,000. 4,697.50 5.00
125,000. 5,947.50 5.25
150,000. 7,260.00 5.50
250,000. 12,760.00 5.75
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.00%
1,000. 20.00 3.00
2,000. 50.00 4.00
3,000. 90.00 4.75
150,000. 7,072.50 5.00
175,000. 8,322.50 5.25
225,000. 10,947.50 5.50
300,000. 15,072.50 5.75
Note: Local or special nonresident income tax—Maryland counties and
Baltimore City levy a local income tax on residents that is a percentage
(ranging from 2.25% to 3.2%) of taxable net income. Nonresidents are subject
to a special nonresident tax of 2.25% instead of the local income tax.
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48
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
The Maryland estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law in
effect prior to the enactment of EGTRRA, with a threshold
exemption amount fixed at $5,000,000 starting in 2019. The
federal deduction for state death taxes is ignored for purposes
of computing the Maryland estate tax. The Maryland estate
tax due is reduced by the amount of any county inheritance
tax paid. Maryland allows a separate state QTIP election.
Maryland also allows a portability election for any unused state
exemption. Maryland does not have a gift tax.
Maryland also has a separate inheritance tax, collected by
the Register of Wills in the county where the decedent died
or owned property. Property passing to a child or other lineal
descendant, spouse of a child or other lineal descendant,
spouse, parent, grandparent, stepchild or stepparent, siblings
or a corporation having only certain of these persons as
stockholders is exempt from this inheritance tax. Property
passing to all other individuals is taxed at 10%.
MASSACHUSETTS
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Massachusetts imposes a tax at a flat rate of 5.0% on most
ordinary income and long-term capital gains. The income
taxable at this rate includes wages, taxable pensions and
annuities, interest, business/professional or farm income, rent
and royalty income, and dividends.
The taxpayer has the option to voluntarily elect to pay tax at
a rate of 5.85% on taxable income, which would otherwise be
taxed at a rate of 5.0%.
Massachusetts also imposes a flat 12% rate on net short-term
capital gains and long-term capital gains on the sale of collectibles
(after a 50% deduction) and pre-1996 installment sales. Gains
from the sale of stock in certain Massachusetts based start-up
companies are taxed at a rate of 3%.
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49
ESTATE AND GIFT TAX
2021 and 2022
The Massachusetts estate tax has been frozen at the federal state
death tax credit in effect on December 31, 2000, with a threshold
exemption amount of $1,000,000. A separate state QTIP election
is allowed. Massachusetts does not have a gift tax.
MICHIGAN
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Michigan imposes a tax of 4.25% on taxable income.
ESTATE AND GIFT TAX
2021 and 2022
The Michigan estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to
the repeal of the federal state death tax credit, there is no
Michigan estate tax. Michigan does not have a gift tax.
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50
MINNESOTA
Income Tax Rates for 2021
SINGLE INDIVIDUALS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 5.35%
27,230. 1,456.81 6.80
89,440. 5,687.09 7.85
166,040. 11,700.19
9.85
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 5.35%
39,810. 2,129.84 6.80
158,140. 10,176.28 7.85
276,200. 19,443.99
9.85
MARRIED TAXPAYERS FILING SEPARATE RETURNS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 5.35%
19,905. 1,064.92 6.80
79,070. 5,088.14 7.85
138,100. 9,722.00
9.85
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51
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 5.35%
33,520. 1,793.32 6.80
134,700. 8,673.56 7.85
220,730. 15,426.92
9.85
ESTATE AND GIFT TAX
2021 and 2022
The Minnesota estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law prior to the
enactment of EGTRRA, with a threshold exemption amount
of $3,000,000 for 2020 and future years. A separate state
only QTIP election is allowed. An estate tax deduction of up to
$2,000,000 for 2020 and future years is available for certain
qualified small business or farm property. The Minnesota
taxable estate is the amount by which the Federal tentative
taxable estate (plus gifts made within 3 years and certain other
adjustments) exceeds: 1) the threshold exemption; plus 2) any
qualified marital QTIP amount; plus 3) any allowable additional
exemption for qualified farm or business property. The first
$7,100,000 of Minnesota taxable estate is taxed at 13%; each
of the next $1,000,000 increments at 13.6%; 14.4% and 15.2%
respectively, with any amounts above $10,100,000 taxed at
16%. Real or tangible personal property located in Minnesota
that is held in a pass-through entity (including S corporations,
partnerships, limited liability companies, and trusts) will be
included in the Minnesota estate of non-resident decedents
dying on or after January 1, 2012. Minnesota does not have a
gift tax.
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52
MISSISSIPPI
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.0%
4,000. -0- 3.0
5,000. 30.00 4.0
10,000. 230.00 5.0
Note: If filing a combined return (both spouses work), each spouse can
calculate their tax liability separately and add the results.
ESTATE AND GIFT TAX
2021 and 2022
The Mississippi estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
Mississippi estate tax. Mississippi does not have a gift tax.
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53
MISSOURI
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.0%
108. -0- 1.5
1,088. 16.00 2.0
2,176. 38.00 2.5
3,264. 65.00 3.0
4,352. 98.00 3.5
5,440. 136.00 4.0
6,528. 180.00 4.5
7,616. 229.00 5.0
8,704. 283.00 5.4
Note: The tax for spouses must be computed separately.
ESTATE AND GIFT TAX
2021 and 2022
The Missouri estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Missouri
estate tax. Missouri does not have a gift tax.
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54
MONTANA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.00%
3,100. 31.00 2.00
5,500. 79.00 3.00
8,400. 166.00 4.00
11,400. 286.00 5.00
14,600. 446.00 6.00
18,800. 698.00
6.90
ESTATE AND GIFT TAX
2021 and 2022
The Montana estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Montana
estate tax. Montana does not have a gift tax.
NEBRASKA
Income Tax Rates for 2021
SINGLE TAXPAYERS, MARRIED TAXPAYERS
FILING SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.46%
3,340. 82.16 3.51
19,990. 666.58 5.01
32,210. 1,278.80
6.84
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55
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.46%
6,660. 163.84 3.51
39,990. 1,333.72 5.01
64,430. 2,558.16
6.84
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.46%
6,220. 153.01 3.51
31,990. 1,057.54 5.01
47,760. 1,847.62
6.84
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.46%
550. 13.53 3.51
5,220. 177.45 5.01
16,820. 758.61 6.84
Note: An additional tax imposed on individual taxpayers with federal
adjusted gross income above certain thresholds will not apply for tax years
2018 through 2025 due to the federal Tax Cuts and Jobs Act of 2017. This
additional tax essentially offsets the benefits of the lower tax brackets.
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56
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
Nebraska does not have an estate tax, but has an inheritance
tax that is collected by each county. Rates and Exemptions:
Transfers to a surviving spouse are exempt. Immediate relatives
(father, mother, grandparents, parents, siblings and issue) are
subject to an inheritance tax of 1% on amounts in excess of
$40,000; remote relatives are subject to an inheritance tax
of 13% on amounts in excess of $15,000; other transferees
are subject to an inheritance tax of rate of 18% on amounts
in excess of $10,000. Also, transfers to the State of Nebraska
and certain charities are totally exempt. There are several other
exemptions and deductions. Nebraska does not have a gift tax.
NEVADA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Nevada currently does not impose a personal income tax.
ESTATE AND GIFT TAX
2021 and 2022
The Nevada estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Nevada
estate tax. Nevada does not have a gift tax.
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57
NEW HAMPSHIRE
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
New Hampshire imposes a 5% tax on interest and dividend
income only. New Hampshire dividend and interest tax is
not imposed at the trust level. If and when the trust makes
a distribution, each New Hampshire beneficiary is subject to
tax on his or her share of that year’s interest and dividends.
Non-New Hampshire beneficiaries will not be subject to tax on
interest and dividends distributed to them.
ESTATE AND GIFT TAX
2021 and 2022
The New Hampshire estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due to
the repeal of the federal state death tax credit, there is no New
Hampshire estate tax. New Hampshire does not have a gift tax.
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58
NEW JERSEY
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.400%
20,000. 280.00 1.750
35,000. 542.50 3.500
40,000. 717.50 5.525
75,000. 2,651.25 6.370
500,000. 29,723.75 8.970
1,000,000. 74,573.75 10.750
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES, HEAD OF
HOUSEHOLD, CIVIL UNIONS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.400%
20,000. 280.00 1.750
50,000. 805.00 2.450
70,000. 1,295.50 3.500
80,000. 1,645.00 5.525
150,000. 5,512.50 6.370
500,000. 27,807.50 8.970
1,000,000. 72,657.50 10.750
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59
ESTATE, INHERITANCE AND GIFT TAX
2021 and 2022
New Jersey repealed its estate tax effective January 1, 2018.
New Jersey estate tax on real and tangible property of a
non-resident is also repealed beginning in 2018. New Jersey
does not have a gift tax.
New Jersey has an inheritance that exempts transfers to close
relatives (e.g. spouse, parents, grandparents and issue, charities
and the state of NJ); more remote relatives (e.g. siblings, half
siblings and spouses of siblings and half-siblings and their
children), are taxed at rates from 11% to 16% on amounts over
$25,000; all other transfers are subject to tax at rates from
15% on the first $700,000 going to each individual and 16% on
amounts above $700,000. There is no tax if the total going to
an individual is less than $500.
Note: Civil union partners are treated as spouses for inheritance tax law
purposes.
NEW MEXICO
Income Tax Rates for 2021
SINGLE INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.7%
5,500. 93.50 3.2
11,000. 269.50 4.7
16,000. 504.50 4.9
210,000. 10,010.50 5.9
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60
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING WIDOW(ER)
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.7%
8,000. 136.00 3.2
16,000. 392.00 4.7
24,000. 768.00 4.9
315,000. 15,027.00 5.9
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.7%
4,000. 68.00 3.2
8,000. 196.00 4.7
12,000. 384.00 4.9
157,500. 7,513.50 5.9
ESTATE AND GIFT TAX
2021 and 2022
The New Mexico estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
New Mexico estate tax. New Mexico does not have a gift tax.
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61
NEW YORK STATE
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.00%
8,500. 340.00 4.50
11,700. 484.00 5.25
13,900. 600.00 5.90
21,400. 1,042.00 5.97
80,650. 4,579.00 6.33
215,400. 13,109.00 6.85
1,077,550. 72,166.00 9.65
5,000,000. 450,683.00 10.30
25,000,000 2,510,683.00
10.90
MARRIED TAXPAYERS FILING JOINTLY
AND QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.00%
17,150. 686.00 4.50
23,600. 976.00 5.25
27,900. 1,202.00 5.90
43,000. 2,093.00 5.97
161,550. 9,170.00 6.33
323,200. 19,403.00 6.85
2,155,350. 144,905.00 9.65
5,000,000. 419,414.00 10.30
25,000,000. 2,479,414.00
10.90
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62
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.00%
12,800. 512.00 4.50
17,650. 730.00 5.25
20,900. 901.00 5.90
32,200. 1,568.00 5.97
107,650. 6,072.00 6.33
269,300. 16,304.00 6.85
1,616,450. 108,584.00 9.65
5,000,000 435,097.00 10.30
25,000,000 2,495,097.00
10.90
Note: A supplemental tax is imposed on high-income taxpayers to
recapture the benefit that those taxpayers derived from their income that
was subject to tax rates below the 9.65%, 10.30%, or 10.90% brackets for
taxpayers with NY AGI over $2 million, $5 million, or $25 million (married
filing joint); over $1.5 million, $5 million, $25 million (head of household);
over $1.5 million, $5 million, $25 million (unmarried individual/married
filing separate), respectively. There is a phase in calculation for those with
incomes up to $50,000 more than the above thresholds. Thus, for example,
couples married filing jointly will effectively pay a flat tax rate of 9.65% on
all income, if total income is above $2,050,000.
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63
NEW YORK CITY
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.078%
12,000. 369.00 3.762
25,000. 858.00 3.819
50,000. 1,813.00 3.876
MARRIED TAXPAYERS FILING JOINTLY
AND QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.078%
21,600. 665.00 3.762
45,000. 1,545.00 3.819
90,000. 3,264.00 3.876
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.078%
14,400. 443.00 3.762
30,000. 1,030.00 3.819
60,000. 2,176.00 3.876
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64
NEW YORK STATE
2021 DEPENDENT EXEMPTION
$1,000
Note: A $1,000 exemption will be allowed only for each dependent
of the taxpayer. A personal exemption is not allowed for the taxpayer
and spouse.
STANDARD DEDUCTION
Single $ 8,000.
Married Filing Jointly/Surviving Spouse 16,050.
Married Filing Separately 8,000.
Head of Household 11,200.
Single & you can be claimed as a dependent on another’s
Federal return
3,100.
NEW YORK STATE AND CITY
INTEREST AND CERTAIN PENALTY RATES
The Interest Rates on Underpayment of Taxes and the Penalty
for Underpayment of Estimated Tax are as follows:
Period Rate
July 1, 2006 – December 31, 2007 9.0
January 1, 2008 – March 31, 2008 8.0
April 1, 2008 – June 30, 2008 7.0
July 1, 2008 – September 30, 2008 6.0
October 1, 2008 – December 31, 2008 7.0
January 1, 2009 – April 6, 2009 6.0
April 7, 2009 – December 31, 2018 7.5
January 1, 2019 – June 30, 2019 8.5
July 1, 2019 – March 31, 2022 7.5
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65
NEW YORK STATE
ESTATE AND GIFT TAX
2021 and 2022
New York modified its estate tax in 2014 and now has its own
rate schedule and an increasing exemption. The following
exemptions apply:
When Exemption
January 1, 2020 to December 31, 2020 $5,850,000
January 1, 2021 to December 31, 2021 $5,930,000
January 1, 2022 to December 31, 2022 $6,110,000
January 1, 2023 and thereafter
$5,000,000 plus inflation
adjustment from 2011
The exemption is subject to a phase out for estates exceeding
those amounts. Estates more than 105% of the then current
exemption will not be entitled to any of that exemption.
The taxable estate also includes certain lifetime gifts of New
York real or tangible property if made from April 1, 2014 through
December 31, 2025, (other than from January 1 to January 15,
2019), and within three years of death. This add-back would not
apply for individuals dying on or after January 1, 2026. New York
requires that any QTIP election be consistent with any federal
QTIP election. A separate New York QTIP election may be made
only if no federal return is required to be filed. New York does
not have a gift tax.
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66
NORTH CAROLINA
Income Tax Rates for 2021
SINGLE INDIVIDUALS
TRUSTS AND ESTATES
North Carolina imposes a tax of 5.25% on taxable income.
ESTATE AND GIFT TAX
2021 and 2022
North Carolina repealed its estate tax retroactively to January 1,
2013. North Carolina does not have a gift tax.
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67
NORTH DAKOTA
Income Tax Rates for 2021
SINGLE TAXPAYERS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.10%
40,525. 445.78 2.04
98,100. 1,620.31 2.27
204,675. 4,039.56 2.64
445,000 10,384.14
2.90
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.10%
67,700. 744.70 2.04
163,550. 2,700.04 2.27
249,150. 4,643.16 2.64
445,000. 9,813.60
2.90
MARRIED TAXPAYERS
FILING SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.10%
33,850. 372.35 2.04
81,775. 1,350.02 2.27
124,575. 2,321.58 2.64
222,500. 4,906.80
2.90
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68
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.10%
54,300. 597.30 2.04
140,200. 2,349.66 2.27
226,950. 4,318.89 2.64
445,000 10,075.41
2.90
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.10%
2,750. 30.25 2.04
6,350. 103.69 2.27
9,750. 180.87 2.64
13,300. 274.59
2.90
ESTATE AND GIFT TAX
2021 and 2022
The North Dakota estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
North Dakota estate tax. North Dakota does not have a gift tax.
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69
OHIO
Income Tax Rates for 2021
INDIVIDUALS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.0%*
25,000. 346.16 2.765
44,250. 878.42 3.226
88,450. 2,304.31 3.688
110,650. 3,123.05
3.990
* The rate on the first $25,000 will be 0% for individuals with income of
$25,000 or less.
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 1.38462%
25,000. 346.16 2.765
44,250. 878.42 3.226
88,450. 2,304.31 3.688
110,650. 3,123.05
3.990
ESTATE AND GIFT TAX
2021 and 2022
On June 30, 2011, the governor signed legislation repealing
the estate tax effective January 1, 2013. Ohio does not have
a gift tax.
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70
OKLAHOMA
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – $ -0- 0.5%
1,000. 5.00 1.0
2,500. 20.00 2.0
3,750. 45.00 3.0
4,900. 79.50 4.0
7,200. 171.50
5.0
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING SURVIVING SPOUSES
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ – $ -0- 0.5%
2,000. 10.00 1.0
5,000. 40.00 2.0
7,500. 90.00 3.0
9,800. 159.00 4.0
12,200. 255.00
5.0
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71
ESTATE TAX AND GIFT TAX
2021 and 2022
The Oklahoma estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is currently no
Oklahoma estate tax. Oklahoma does not have a gift tax.
OREGON
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING
SEPARATE RETURNS, TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.75%
3,650. 173.00 6.75
9,200. 548.00 8.75
125,000. 10,681.00 9.90
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING WIDOW(ER)
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 4.75%
7,300. 347.00 6.75
18,400. 1,096.00 8.75
250,000. 21,361.00 9.90
Note: Oregon taxpayers with taxable income of $50,000 or below must
use the Oregon tables. For taxpayers with taxable income above $50,000
must use the above tax rate charts.
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72
ESTATE AND GIFT TAX
2021 and 2022
Effective January 1, 2012, Oregon adopted a stand-alone estate
tax with tax rates and brackets indicated below. The Oregon
taxable estate is based on the federal taxable estate with
adjustments. Oregon treats registered domestic partners the
same as husbands and wives under federal law. Oregon does
not have a gift tax.
TAX EQUALS
If Aggregate
Taxable Amount
is not more than:
This
Amount
PLUS
This Rate
of Excess
Taxable Amount
$ – $ -0- 0.00%
1,000,000 -0- 10.00
1,500,000 50,000. 10.25
2,500,000 152,500. 10.50
3,500,000 257,500. 11.00
4,500,000 367,500. 11.50
5,500,000 482,500. 12.00
6,500,000 602,500. 13.00
7,500,000 732,500. 14.00
8,500,000 872,500. 15.00
9,500,000 1,022,500. 16.00
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73
PENNSYLVANIA
Income Tax Rates for 2021
INDIVIDUALS
Pennsylvania imposes tax on gross income at a flat rate of
3.07%. Gross income generally includes compensation, net
profits, net gains from the sale of property, rent, royalties,
patents or copyrights, income from estates or trusts, dividends,
interest and winnings.
TRUSTS AND ESTATES
Trusts and estates are taxable on undistributed income that is
not presently owing to any beneficiary. Tax is imposed at the
rate of 3.07%.
ESTATE INHERITANCE AND GIFT TAX
2021 and 2022
An estate tax is assessed to absorb the excess of the state
death tax credit allowed under the federal estate tax law over
the state inheritance tax. Due to the repeal of the federal state
death tax credit, there is no Pennsylvania estate tax.
Pennsylvania has a separate inheritance tax. Property passing
to or for the use of a surviving spouse and from a child
twenty-one or younger to the child’s parents is exempt from
tax. Pennsylvania allows a separate state QTIP election. An
inheritance tax is imposed at 4.5% on transfers to parents,
grandparents, lineal descendants, sons- and daughters-in-
law; 12% on transfers to siblings; and 15% to all others
(except charitable, exempt and governmental entities exempt
from income tax, which are not subject to the Pennsylvania
inheritance tax). Pennsylvania does not have a gift tax.
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74
RHODE ISLAND
Income Tax Rates for 2021
ALL FILING TYPES, EXCEPT TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.75%
66,200. 2,482.50 4.75
150,550. 6,489.13 5.99
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.75%
2,650. 99.38 4.75
8,450. 374.88 5.99
ESTATE AND GIFT TAX
2021 and 2022
The Rhode Island estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law prior
to the enactment of EGTRRA. Legislative changes were made
applicable to deaths on or after January 1, 2015. The statute
contains its own tax rate table. The legislation established a tax
credit of $64,400 (equivalent to an applicable exclusion amount
of $1,500,000), indexed for inflation. This credit effectively
sheltered the first $1,500,000 of every estate. The inflation
adjustment caused the credit to increase to $70,490 for 2021
deaths, effectively sheltering the first $1,595,156 of every estate
for 2021 (the credit increases to $74,300 in 2022, sheltering
the first $1,648,611). A separate state QTIP election is allowed.
Rhode Island does not have a gift tax.
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75
SOUTH CAROLINA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 0.0%
3,110. -0- 3.0
6,220. 93.00 4.0
9,330. 218.00 5.0
12,440. 373.00 6.0
15,560. 560.00 7.0
Note: Individuals, estates, and trusts are allowed a deduction from
South Carolina taxable income equal to 44% of net capital gain
recognized in the State during a taxable year.
ESTATE AND GIFT TAX
2021 and 2022
The South Carolina estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due to
the repeal of the federal state death tax credit, there is no South
Carolina estate tax. South Carolina does not have a gift tax.
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76
SOUTH DAKOTA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
South Dakota currently does not impose a personal income tax.
ESTATE AND GIFT TAX
2021 and 2022
The South Dakota estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
South Dakota estate tax. South Dakota does not have a gift tax.
TENNESSEE
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Tennessee currently does not impose a personal income tax.
ESTATE, INHERITANCE AND GIFT TAX
2021 and 2022
The Tennessee estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
Tennessee estate tax.
The Tennessee inheritance tax was repealed as of January 1, 2016.
Tennessee repealed the Tennessee gift tax retroactive to
January 1, 2012.
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77
TEXAS
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Texas currently does not impose a personal income tax.
ESTATE AND GIFT TAX
2021 and 2022
The Texas estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Texas
estate tax. Texas does not have a gift tax.
UTAH
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Utah imposes tax on net income at a flat rate of 4.95%. Net
income is generally based on the federal "adjusted gross
income." For taxpayers with income above certain levels,
exemptions and deductions are subject to phase out.
ESTATE AND GIFT TAX
2021 and 2022
The Utah estate tax is designed to absorb the state death tax
credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Utah
estate tax. Utah does not have a gift tax.
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78
VERMONT
Income Tax Rates for 2021
SINGLE INDIVIDUALS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.35%
40,950. 1,372.00 6.60
99,200. 5,216.00 7.60
206,950. 13,405.00
8.75
MARRIED TAXPAYERS FILING JOINTLY
QUALIFYING WIDOW(ER) OR
CIVIL UNION FILING JOINTLY
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.35%
68,400. 2,291.00 6.60
165,350. 8,690.00 7.60
251,950. 15,272.00
8.75
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79
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
CIVIL UNION FILING SEPARATELY
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.35%
34,200. 1,146.00 6.60
82,675. 4,345.00 7.60
125,975. 7,636.00
8.75
HEAD OF HOUSEHOLD
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.35%
54,850. 1,837.00 6.60
141,700. 7,570.00 7.60
229,450. 14,239.00
8.75
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.35%
2,750. 92.00 6.60
6,450. 336.00 7.60
9,850. 595.00
8.75
Note: Vermont allows a portion of certain capital gains to be excluded
from Vermont taxable income. Taxpayers may elect either a flat exclusion
(up to $5,000) or a percentage exclusion. The amount excluded under
either method cannot exceed 40% of federal taxable income.
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80
ESTATE AND GIFT TAX
2021 and 2022
For deaths on or after January 1, 2016, Vermont imposes a flat
16% tax on the amount by which: 1) the sum of the Vermont
taxable estate plus adjusted taxable gifts made within two
years of the date of death (valued as of the date of gift, NOT
date of death); exceeds 2) the exclusion amount of $5,000,000
in 2021 and after. Vermont does not allow a separate state
QTIP election. Vermont does not have a gift tax.
VIRGINIA
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 2.00%
3,000. 60.00 3.00
5,000. 120.00 5.00
17,000. 720.00 5.75
ESTATE AND GIFT TAX
2021 and 2022
The Virginia estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to the
repeal of the federal state death tax credit, there is no Virginia
estate tax. Virginia does not have a gift tax.
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81
WASHINGTON
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
Washington does not impose a personal income tax.
Note: Washington State enacted a 7% tax on the sale or exchange of
long-term capital assets (stocks, bonds, business interests, or other
investments, and many tangible assets) if the gain exceeds $250,000
annually. This tax applies to individuals only, though individuals can be
liable for the tax as a result of their ownership interest in an entity that
sells or exchanges long-term capital assets. It is only applicable to gains
allocated to Washington State. The tax takes effect on Jan. 1, 2022.
ESTATE AND GIFT TAX
2021 and 2022
Washington has a separate estate tax. The applicable exclusion
amount is $2,193,000 for 2020 and 2021. Washington allows
a separate state QTIP election. The tax rates in the table are
applied to the amount by which the adjusted taxable estate
exceeds the exclusion amount. The tax rates are as follows:
If Taxable
Estate is:
This
Amount
PLUS
This Rate
of Excess Value
$ -0- $ -0- 10.0%
1,000,000. 100,000 14.0
2,000,000. 240,000 15.0
3,000,000. 390,000 16.0
4,000,000. 550,000 18.0
6,000,000. 910,000 19.0
7,000,000. 1,100,000 19.5
9,000,000. 1,490,000 20.0
Note: Washington does not have a gift tax.
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82
WEST VIRGINIA
Income Tax Rates for 2021
SINGLE, MARRIED TAXPAYERS FILING JOINTLY
HEAD OF HOUSEHOLD
QUALIFYING SURVIVING SPOUSES
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.0%
10,000. 300.00 4.0
25,000. 900.00 4.5
40,000. 1,575.00 6.0
60,000. 2,775.00 6.5
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.0%
5,000. 150.00 4.0
12,500. 450.00 4.5
20,000. 787.50 6.0
30,000. 1,387.50 6.5
ESTATE AND GIFT TAX
2021 and 2022
The West Virginia estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
West Virginia estate tax. West Virginia does not have a gift tax.
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83
WISCONSIN
Income Tax Rates for 2021
SINGLE, HEAD OF HOUSEHOLD
TRUSTS AND ESTATES
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.54%
12,120. 429.05 4.65
24,250. 993.09 5.30
266,930. 13,855.13
7.65
MARRIED TAXPAYERS FILING JOINTLY
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.54%
16,160. 572.06 4.65
32,330. 1,323.97 5.30
355,910. 18,473.71
7.65
MARRIED TAXPAYERS FILING
SEPARATE RETURNS
TAX EQUALS
If Taxable
Income is:
This
Amount
PLUS
This Rate
of Excess
Taxable Income
$ - $ -0- 3.54%
8,080. 286.03 4.65
16,160. 661.75 5.30
177,960. 9,237.15
7.65
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84
ESTATE AND GIFT TAX
2021 and 2022
The Wisconsin estate tax is designed to absorb the state
death tax credit allowed under the federal estate tax law. Due
to the repeal of the federal state death tax credit, there is no
Wisconsin estate tax. Wisconsin does not have a gift tax.
WYOMING
Income Tax Rates for 2021
INDIVIDUALS
TRUSTS AND ESTATES
The state of Wyoming does not levy a personal income tax.
Wyoming does not impose a tax on intangible assets such as
bank accounts, stocks, or bonds, either. In addition, Wyoming
does not assess any tax on retirement income earned and
received from another state.
ESTATE AND GIFT TAX
2021 and 2022
The Wyoming estate tax is designed to absorb the state death
tax credit allowed under the federal estate tax law. Due to
the repeal of the federal state death tax credit, there is no
Wyoming estate tax. Wyoming does not have a gift tax.
Return to Table of Contents
The 2022 Tax Rate Guide is designed to provide important information
and is current as of the date specified. It is for informational purposes
only and is not a solicitation, or an offer to buy or sell any security
or investment product, nor does it consider individual investment
objectives or financial situations. Information in this material is not
intended to constitute legal, investment or tax advice. Please consult
with your attorney or tax advisor regarding your specific situation.
Although care was taken in the preparation of this publication, and the
information contained herein is believed to be reliable, it should not be
relied on as final authority on the subject matter, nor can we guarantee
its accuracy or completeness.
The Chief Investment Office (CIO) provides thought leadership on
wealth management, investment strategy and global markets; portfolio
management solutions; due diligence; and solutions oversight and data
analytics. CIO viewpoints are developed for Bank of America Private
Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill
Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a
registered broker-dealer, registered investment adviser and a wholly
owned subsidiary of Bank of America Corporation (“BofA Corp.”). This
information should not be construed as investment advice and is subject
to change. It is provided for informational purposes only and is not
intended to be either a specific offer by Bank of America, Merrill or any
affiliate to sell or provide, or a specific invitation for a consumer to apply
for, any particular retail financial product or service that may be available.
Bank of America, Merrill, their affiliates and advisors do not
provide legal, tax or accounting advice. You should consult your
legal and/or tax advisor before making any financial decisions.
This guide is published by Bank of America, N.A.
Additional information is available upon request.
© 2022 BankofAmerica Corporation. All rights reserved.
MAP3783659 | ADA | 02/2022
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