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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  • LATEST NEWS (updated 08/16):

    The Inflation Reduction Act was signed into law on August 16, 2022. The new law includes new provisions, expansions, and extensions related to energy tax credits and health care. Find out what it means for you here.

  • More news

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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.

  • 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

      Learn more

  • 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
    • New under the American Rescue Plan, beginning with tax year 2022, you will receive Form 1099-K if you had more than $600 in payments for goods and services processed (formerly 200 transactions and $20,000)
    • If you're self-employed and you accept credit, debit, or prepaid cards, you may receive Form 1099-K for reporting self-employment income 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 sales more than $600, you could also receive a form 1099-K, even if you do occasional sales and consider it a hobby

      Learn more

  • 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 $1,400 - that means you can get up to $1,400 without owing $1,400 in taxes

      Learn more

  • 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

      Learn more

  • 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

      Learn more

  • Self-Employed

    • Self-Employed may receive Form 1099-K from third party providers like PayPal or Venmo for payments processed that exceed $600
    • 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

      Learn more

  • 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

      Learn more

  • 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

      Cryptocurrency Tax Calculator

More tax reform updates

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