TAX REFORM CENTER
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for tax reform changes
There have been a number of tax law changes in the last couple of years. Rest assured, TurboTax has your back. Explore new tools and information to better understand how the new laws could affect you. Plus, if you ever want to talk to an expert, we have tax experts on demand to answer your questions.
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Key tax changes for your
2022 taxes
We understand that tax reform may be a lot to take in. Not to worry, we’ve gathered these key topics to help keep you informed so you can have peace of mind.
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Inflation Reduction Act
- Clean Vehicle Credit
- Up to $7,500 Tax Credit for new electric vehicles
- Up to $4,000 Tax Credit for used electric vehicles
- Effective August 17, 2022 final assembly of new cars must be in North America
- Further changes begin with January 1, 2023 purchases (2023 taxes) - Energy Credits for Your Home
- Non-business Energy Property Credit for energy efficient property and the Residential Energy Efficient Property Credit for solar equipment increased - Health Care Benefits
- Extension of subsidies for Marketplace insurance
- Clean Vehicle Credit
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New rules about reporting 1099-K forms
- Form 1099-K (Payment Card and Third Party Network Transactions) is used by credit card companies and third party processors like PayPal and Venmo to report transactions processed for retailers and other third parties
- On December 23, the IRS announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, well known third-party settlement organizations (TPSOs) will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, more than $600 threshold amount enacted as part of the American Rescue Plan of 2021.
- If you're self-employed and accept credit, debit, or prepaid cards, you may receive Form 1099-K for more than 200 transactions exceeding an aggregate of $20,000 processed by a third party. This includes creators, influencers, ride share drivers, or side-giggers.
- If you're an online seller selling on platforms like Ebay, AirBnB, Etsy, and VRBO with more than 200 transactions that exceed an aggregate of $20,000, you should receive Form 1099-K
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Child Tax Credit 2022 (Taxes filed in 2023)
- Reverts back to pre-American Rescue Plan law
- No Advance Child Tax Credit
- Child Tax Credit up to $2,000 for each dependent child under 17
- Credit phased out for income over $200,000 single and $400,000 married filing jointly
- Refundable up to $1,500 - that means you can get up to $1,500 without owing $1,500 in taxes.
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Earned Income Tax Credit Tax Year 2022
- Reverts back to pre-American Rescue Plan rules
- Age expansion expires
- Qualifier with no kids must be 25 and under 65
- EITC is up to $6,935 for a family with 3 children
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Child and Dependent Care Credit Tax Year 2022
- Reverts back to pre-American Rescue Plan tax law
- Up to $1,050 credit for one child
- Up to $2,100 credit for two or more children
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Self-Employed
- Self-Employed may receive Form 1099-K from third party providers like PayPal or Venmo for payments processed that exceed 200 transactions and an aggregate of $20,000
- You may receive a Form 1099-NEC or Form 1099-K reporting income, but don’t forget to deduct self-employed expenses like business mileage at 58.5 cents per mile for the first half of 2022 and 62.5 cents per mile the second half
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College Students
- The American Rescue plan provided relief to students with government and federal student loans by allowing students with forgiven loan debt to exclude the discharged debt from their taxable income for tax years 2021 through 2025
- The pause on Federal student loan repayment, interest, and collections was also extended until December 31, 2022
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Investors
- The Infrastructure Bill, signed into law in March 2022, changed reporting requirements of digital assets like crypto. Beginning tax year 2023 (taxes filed in 2024), brokers will be required to report crypto transactions to the IRS
- If you sold or traded crypto (like Bitcoin), the IRS still requires you to report your crypto sales, regardless if you receive a form from the broker
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