Things you should know about the upcoming tax year‼️
- tgtaxbookkeeping
- Nov 21, 2022
- 1 min read
🚫You will NOT be eligible for a refund without having EARNED Income.
🚫There will NO longer be the option to use the "2019 lookback provision"
🚫CTC will NOT be 100% refundable. And will go back to the current law of $2000 per child with $1400 being refundable (depending on income) meaning just because you file 3 dependents doesn't mean $3200 will be automatically added.
**must make a minimum earned income to qualify.
✅️The CTC is back to only dependents up to 17....So any child that will still be 16 on Dec 31st 2022, and younger.
✅️EIC will be back to normal. Those 25 and older with no dependents will qualify (not 19 and over) *there are some exceptions.
✅️The amounts for EIC for no dependents will go back to normal (It was $1,502 for this year and will go back to $560 for 2022) credit based by earned income.
****Must have minimum earned income.
🚫Dependent care credit (Daycare credit) will NOT be 50% refundable. It will go back to the normal 20%-35% with a maximum amount to claim of $3000 for 1 or $6000 for 2 or more dependents.
✅️As with all credits, the Dependent Care credit is based on income. In 2022 it will go back to the credit being reduced starting with an AGI of $15,000 or more instead of $125,000 like it was this year.
🚫There will be no more stimulus payments you could claim on your 2022 taxes.
Next tax season will be back to normal‼️
