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Client's W-2 in 2021 and 2022 were identical:
Wages: $16800, Federal Tax withheld: $667
Age: 54, No Dependents
No other income, no other documents.
2021 EIC was $705
2022 EIC $0
I'm using Proseries Basic software
What am I missing....what changed?
Thank you!
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Print the 2 returns out and compare them side by side, line by line...is EITC the only number that different?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Yes.
I did a 2021 and 2022, side by side comparison
Only numbers that changed were:
Sales tax deduction increased by $110
Income Tax decreased by ($40)
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Find the maximum AGI, investment income and credit amounts for tax year 2022.
Children or Relatives Claimed Filing as Single, Head of Household,$16,480 | $22,610 |
$43,492 | $49,622 |
$49,399 | $55,529 |
$53,057 | $59,187 |
Investment income limit: $10,300 or less
Maximum Credit Amounts
The maximum amount of credit:
- No qualifying children: $560
- 1 qualifying child: $3,733
- 2 qualifying children: $6,164
- 3 or more qualifying children: $6,935
Find the maximum AGI, investment income and credit amounts for tax year 2021.
Children or Relatives Claimed Maximum AGI(filing as Single, Head of Household, Widowed or Married Filing Separately*) Maximum AGI
(filing as Married Filing Jointly) Zero One Two Three
$21,430 | $27,380 |
$42,158 | $48,108 |
$47,915 | $53,865 |
$51,464 | $57,414 |
Investment income limit: $10,000 or less
Maximum Credit Amounts
The maximum amount of credit you can claim
No qualifying children: $1,502
1 qualifying child: $3,618
2 qualifying children: $5,980
- 3 or more qualifying children: $6,728
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You can look at tables on irs.gov and see better.
16,800 | 16,850 | 0 |
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Yep, those beefy credits from the days of Covid are gone!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Yep, they beefed them up for one year.