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The TurboTax versions for the 2022 tax year will not be released until the November/December time frame and will not be fully functional until sometime in January.
Are you looking for something in particular?
The TurboTax versions for the 2022 tax year will not be released until the November/December time frame and will not be fully functional until sometime in January.
Are you looking for something in particular?
What details are you looking for. Inflation adjusted amounts for tax brackets, standard deduction and changes for many credits can be obtained by a Google search. The TurboTax tax program is generally available around Thanksgiving but is subject to many updates and my all forms are available that early.
Looking for changes in income levels and tax brackets to judge donation or gift amounts to reduce taxes. Thanks.
Gifts are not deductible so never mind reducing your tax by giving gifts to individuals. Only donations to recognized charities will help with your refund or tax due IF you have enough itemized deductions to exceed your standard deduction. The "above the line" charity donation of $300 (or $600 on a joint return) is gone for 2022.
A charitable donation almost never changes your tax due or refund all by itself. First, your donation does not count "dollar for dollar"--it is calculated by a percentage based on your tax bracket. You need a LOT of other itemized deductions like mortgage interest or property taxes, medical expense, etc. to itemize and exceed your standard deduction.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
Your standard deduction lowers your taxable income. It is not a refund.
2022 STANDARD DEDUCTION AMOUNTS
SINGLE $12,950 (65 or older + $1750)
MARRIED FILING SEPARATELY $12,950 (65 or older + $1750)
MARRIED FILING JOINTLY $25,900 (65 or older + $1400 per spouse)
HEAD OF HOUSEHOLD $19,400 (65 or older +$1750)
Legally Blind + $1750
And...
https://www.kiplinger.com/taxes/tax-law/603037/tax-changes-and-key-amounts
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