Tax code changes for 2022

Glennzirman — Wed, 16 Nov 2022 17:47:02 GMT

Hi,

What, if any, are the tax code changes for 2022 that would effect married filing jointly returns?

Re: Tax code changes for 2022

JandKit — Wed, 16 Nov 2022 17:57:47 GMT

Here are a few of the changes for 2022:

1. Child Tax Credit

Reverts back to up to $2,000 for 2022 – 2025
Each dependent child must be under age 17
Refundable up to $1,400, but no longer fully refundable
Advance payments were not issued for tax year 2022
The credit is available if you earn up to $200,000 as single taxpayer or head of household (or up to $400,000 if you are a married couple filing jointly)

2. Child Care Credit

Up to 35% of $3,000 ($1,050) of child care expenses for a dependent child under 13, an incapacitated spouse or parent, or another dependent so that you can work or look for work. If you have two or more dependents, the credit will be up to 35% of $6,000 in expenses ($2,100).
The credit will be reduced at incomes over $15,000

3. Earned Income Credit

Age requirements revert back. Taxpayers with no kids have to be 25 or under 65 to claim the credit.
Previous year income cannot be used to help you qualify for Earned Income Tax Credit
Note, the amount of Earned Income Tax Credit is adjusted for inflation every year and will be up to $6,935 with three or more kids in tax year 2022 ($6,728 for tax year 2021).

4. Self-Employed Sick Leave - Expired

5. Receive 1099K, if Self-employed and income over $600

6. Above the line $300 tax credit - Expired

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Tax code changes for 2022

Re: Tax code changes for 2022