- The Standard Deduction increased $800 to $25,900 for Married Filing Jointly. For Single taxpayers, it increased $400 to $12,950. Head of Household taxpayers are now at $19,400 up $600 from 2021.
- Tax Brackets have increased for 2022, but the tax rates stay the same. More of your money is taxed at a lower rate this year.
- The Child Tax Credit (CTC) will drop significantly, maxing out at $2,000 per dependent under age 17. This is down between $1,000 and $1,600 from 2021. This will cause many taxpayers with children to see a smaller refund this year.
- The Child and Dependent Care tax credit for child care expenses will drop in 2022. The maximum credit is $1,050 for one qualifying person and $2,100 for two or more qualifying persons. It is also no longer refundable.
- The Earned Income Tax Credit (EITC) for 2021 has ended for 2022. For the 2022 Tax Year, single filers with no children can get a maximum credit of $560, down from $1,502 in 2021.
- The $300-Single and $600-Married charitable deduction has also ended. Charitable donations are still deductible, however.
Do You Have a Personal IRS Account?
The only way to confirm that the IRS has received your tax payments and is processing your tax return is to have a personal IRS account. Through your IRS account you can make payments, view prior year tax transcripts and, keep track of any IRS letters or notices you may have received.