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2022 Tax Year: (as of Jan 2022) Pearls and Pains
January 22, 2022   |   2022 tax year, Doors, Energy Credit, Energy Star, IRS, Legislation, Refund, Retirement Accounts IRA/401K, Tax Credit, Tax Forms, Taxes

Woman in ivory elizabethan gown wearing 3 pearl necklaces. her Hand is underneath the necklaces holding them away from her neck



Since the Build Back Better Act is stuck in the Senate 2022 tax year has a few changes (unless Congress intervenes) there will be:

  1. No Stimulus payments
  2. No Advanced Child Tax Credit Payments.
  3. Child Tax Credit reverts to $2,000 per child under age 17
  4. Lower Earned Income Tax Credit
  5. No charitable Deduction on front of 2022 IRS Form 1040
  6. No home owners energy credit for installation of Energy Star Certified Windows, doors, insulation roof or heating and cooling equipment in primary residence.
  7. Increased standard Deduction Married Filing Joint=$25,900, Single=12,950 and Head of Household=19,400
  8. Long Term capital gains rate stay the same
  9. Increased 401K contributions 20,500 if over age 50 max is $27,000
  10. IRA contributions stay same 6,000 if under age 50 $7,000 if over age 50
  11. Teachers can deduct $50 more in classroom expense increased to $300 per teacher or $600 per return if both spouses are teachers
  12. Annual Gift Exclusion increased to $16,000 per person/$32,000 per couple

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