As a response to the COVID-19 pandemic, some tax credit limits were changed to help ease some financial hardships amongst taxpayers. This year those credits have been revised and gone back to their pre-COVID levels.
The credit has been reverted back to its original limits. Those who got $3,600 per dependent in 2021 will, if eligible, get $2,000 for every dependent under age 16 for their 2022 tax return.
- Single Filer & Head of Households: $200,000
- Joint Filers: $400,000
Who qualifies as a dependent for this credit?
Eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 for the 2022 tax year.
Want to check if you qualify for the EITC?
The child and dependent care credit is a tax credit that may help you pay for the care of eligible children and other qualifying persons.
This credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
Want to know if you're eligible to claim this credit?
If you still have questions or would like to schedule an your free tax prep appointment, call 211 or visit our friends the Miami Tax Pros