Legacy IT Reduction Act of 2022 This bill addresses the problem of legacy information technology (IT) used by the federal government. Specifically, each federal agency must compile an inventory that lists each legacy IT system used, operated, or maintained by the agency; and within two years of this bill's enactment, and every five years thereafter, develop and include a plan to modernize the legacy IT systems as part of the agency's information resource management strategic plan. The Office of Management and Budget (OMB) must issue guidance on this bill's implementation, including criteria to determine whether IT qualifies as a legacy IT system. Each agency must transfer to schools or nonprofit organizations any educationally useful federal equipment that the agency no longer uses. The Government Accountability Office must report to Congress on this bill's implementation and how this bill functions alongside other IT modernization offices, policies, and programs.