Yes, the tax laws this year are very different. I don't know the details of your tax return, but there are some reasons why you may have a very different result this year.
In 2021, the rules for Earned Income Credit, Child Tax Credit and Child and Dependent Care Credit were enhanced in an effort to get more income into people's hands during the pandemic. For the 2022 tax year, the rules revert to the "old" rules.
- Child Tax Credit - For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no earned income. For 2022, the maximum amount of the child tax credit is now $2000.
- Child and Dependent Care Credit returns to pre-pandemic levels this year. In 2021, you could get credit for up to 50% of $8000 for one child under 13 and 50% of $16,000 for two qualified dependents. For 2022, you can get 20% to 35% of $3000 for one child and $6000 for two children.
If you feel like your return is wrong, you can start over:
- Open your return, scroll down to Tax Tools on the bottom of the left side menu.
- Select Clear & Start Over.
- Confirm that is what you want by answering Yes.
- Start your return again, only your personal information will be saved.
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