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As we transition into the new tax season, most of the regulations induced by the COVID-19 pandemic have come to an end.
Several of the regulations have reverted to their original pre-pandemic form.
Below are a few examples of these changes that could impact your tax position.
Child Tax Credit
The child tax credit returns to $2,000 per child, and the age limit changes to 16 years old. The credit is, again, only partially refundable to certain lower income qualifying individuals.
Earned Income Tax Credit
The earned income tax credit changes to ordinary amounts. The original age limitations are back in effect (minimum 25 years old; maximum 65 years old).
Child and Dependent Care Credit
The child and dependent care credit maximizes at 35% and reverts to non-refundable.
Premium Tax Credit
Regular eligibility requirements once again apply for the premium tax credit. The unemployment exclusion no longer exists.
Recovery Rebate Credit
The recovery rebate credit is no longer available, as no stimulus payments were issued during 2022.
The educator expenses increase to $300.
Please note, the material contained in this article is for informational purposes only, is general in nature, and should not be relied upon or construed as a legal opinion or legal advice. As this information is in summary format with many specific qualifying and limiting conditions that may not be listed here, the information may or may not apply to your individual situation. Most importantly, please keep in mind this information is changing rapidly and is based on our current understanding. It can and likely will change. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. We encourage you to consult with your CPA for clarification and to see if it fits your particular situation.
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