What's New for 2022:

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You may need a paycheck checkup. Following tax law changes, you should do a paycheck checkup using the IRS’s Withholding Calculator and, if necessary, complete a new W-4 form. The calculator helps determine the right amount of withholding.

 

You should check your withholding if you:

 

Are a two-income family.

Have two or more jobs at the same time or only work part of the year.

Claim credits like the child tax credit.

Have dependents age 17 or older.

Itemized deductions in 2021.

Have high income or a complex tax return.

Had a large tax refund or tax bill for 2021.

 

Standard deduction amount increased. For 2022, the standard deduction amount has been increased for all filers, and the amounts are as follows.

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Single - $12,950.

Married Filing Jointly - $25,900.

Head of Household - $19,400.

Married Filing Separately - $12,950.

Due to the increase in the standard deduction and reduced usage of itemized deductions, you may want to consider filing a new Form W-4.

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Deduction for personal exemptions are still suspended. For 2022 you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents.

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Changes to itemized deductions. For 2022, the same changes have been made to itemized deductions that can be claimed on Schedule A as in 2018.

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Your itemized deductions are no longer limited if your adjusted gross income is over a certain amount.

You can deduct the part of your medical and dental expenses that is more than 7.5 percent of your adjusted gross income.

Your deduction of state and local income, sales, and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if married filing separately).

The limit on charitable contributions of cash has increased from 50 percent to 60 percent of your adjusted gross income.

Moving expenses are not deductible unless you are a member of the Armed Forces on active duty.

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Child tax credit and additional child tax credit. All of the 2021 expansions are gone, with the rules reverting back to those that were in place for filing 2020 returns. For 2022, the child tax credit is $2,000 per kid under the age of 17 claimed as a dependent on your return.

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Credit for other dependents. A credit of up to $500 is available for each of your dependents who does not qualify as your dependent.

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Social security number (SSN) required for child tax credit. Your child must have an SSN issued before the due date of your 2022 return (including extensions) to be claimed as a qualifying child for the child tax credit or additional child tax credit. If your dependent child has an ITIN, but not an SSN, issued before the due date of your 2021 return (including extensions), you may be able to claim the new credit for other dependents for that child.

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