' IRS Provides Tax Inflation Adjustments for Tax Year 2023.' You’ll want to review the tax implications before doing a Roth IRA conversion, since it could bump you into a higher bracket.Īlso, the net investment income tax of 3.8% may impact you if your 2022 MAGI exceeds $200,000 (single filers) or $250,000 (married joint filers). In 2022, higher Part B premiums apply when your modified AGI (modified adjusted gross income, or MAGI) is above $91,000 for single filers or above $182,000 for married joint filers. This is only a concern for those who are (or will soon be) 65 or older. In addition, a marginal increase in income could raise your Medicare Part B premiums two years later.

For 2022, the AMT exemption is $75,900 for single taxpayers and $118,100 for married taxpayers filing jointly (rising to $81,300 for single taxpayers and $126,500 for married taxpayers in 2023). Steve Stanganelli, CFP®, CRPC®, AEP®, CCFSĬlear View Wealth Advisors LLC, Amesbury, Mass.Ī raise could put you in alternative minimum tax (AMT) territory, where you may lose the ability to claim certain itemized deductions.

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