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Video: Most Important Changes for Tax Year 2022

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2022 • August 21, 2024 2:54 PM

OVERVIEW

With the tax deadline quickly approaching, Lisa Greene-Lewis, CPA and TurboTax tax expert, outlines the biggest tax changes you need to know before filing.

TABLE OF CONTENTS

Video Transcript:

Video Transcript:

[00:00:04.97] TRACY BYRNES: So with tax season right around the corner, there's a bunch of changes that you need to know for your 2022 tax return this year. Lisa Greene-Lewis, TurboTax expert and CPA, is here with us right now. All right, so there are things that people need to know. First and foremost, there were no stimulus checks last year, were there?
[00:00:21.50] LISA GREENE-LEWIS: Right. Those have gone away. If you didn't get a stimulus for the third stimulus under American Rescue Plan, tax year 2021 was the last time that you could claim the recovery rebate credit. There is no more recovery rebate credit.
[00:00:37.10] Also, what people need to know, many of the provisions that were expanded under American Rescue Plan, they're either reverting back to what they were before the American Rescue Plan. And then some of those provisions have gone away.
[00:00:51.00] TRACY BYRNES: So things like you're talking about the child tax credit, the earned income tax credit, and the child independent care credit. Those were expanded and now they're going back.
[00:01:00.59] LISA GREENE-LEWIS: Yes. So the child tax credit that was expanded to up to $3,600. That's going back to up to $2,000. The child and dependent care credit that was expanded up to $8,000 if you had two or more kids. That's going back to $2,100 with two or more kids.
[00:01:19.22] And then the earned income tax credit, that was expanded to a wider audience of tax filers if you didn't have kids. So for tax year 2021, only if you didn't have kids, there was no age requirement, but that's going back to you have to be 25 or under 65 to claim the earned income tax credit.
[00:01:42.14] TRACY BYRNES: Yeah. And those are noticeable credits that people are going to see difference on their tax returns barring consistency between years. Let's talk about charitable deductions because in the past, whether you itemize or not, you were able to take a little bit of a deduction. And you're saying you can't do that anymore.
[00:01:57.51] LISA GREENE-LEWIS: Yes. So for the 90% of taxpayers that claim the Standard Deduction, they were able to claim up to $300 in cash donations and up to $600 if they were married filing jointly. That is going away. That's going back to the way it was before. In order to claim those cash contributions, you have to be able to itemize.
[00:02:20.58] TRACY BYRNES: Right, which is the way it's always been this was just a small little gift. That means gather your receipt, then get out that shoe box full of donations. And finally, let's talk about this Inflation Reduction Act. What do we get from that this year?
[00:02:34.82] LISA GREENE-LEWIS: Yes. So for the Inflation Reduction Act, there were many provisions that expanded energy efficient credits. And there are also some new provisions in that. The majority of them are for tax year 2023, the taxes you file in 2024, but there are a few that can help your taxes in this tax year.
[00:02:57.69] So the residential energy efficient credit, that is for solar, that was at 26% of your costs. That is going back up to 30% for tax year 2022. And then you are always able to get the $7,500 credit for electric vehicles.
[00:03:19.85] And under the Inflation Reduction Act, you could still get that, but there is one provision in the new clean vehicle credit that you have to watch out for. So if you purchased an electric vehicle after August 16, it has to be fully assembled in the United States in order to get the credit.
[00:03:42.19] TRACY BYRNES: Wow. And I'm sure TurboTax will walk you through all of this.
[00:03:46.37] LISA GREENE-LEWIS: Yes. So you can come to TurboTax, and you can fully hand your taxes over to a TurboTax Live full-service tax expert. And they can do your taxes in one meeting while you sit there and get your taxes done.
[00:04:02.66] TRACY BYRNES: Yeah. And so make sure you get all your paperwork together, including some document or certificate that says the vehicle was put together in the United States. Lisa Greene-Lewis, TurboTax expert and CPA. Thank you so much for all of that.
[00:04:16.67] LISA GREENE-LEWIS: Thank you for having me.

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Audit Support Guarantee - Individual Returns: If you receive an audit letter from the IRS or State Department of Revenue based on your 2024 TurboTax individual tax return, we will provide one-on-one question-and-answer support with a tax professional, if requested through our Audit Support Center, for audited individual returns filed with TurboTax Desktop for the current 2024 tax year and, for individual, non-business returns, for the past two tax years (2022, 2023). Audit support is informational only. We will not represent you before the IRS or state tax authority or provide legal advice. If we are not able to connect you to one of our tax professionals, we will refund the applicable TurboTax federal and/or state license purchase price you paid. This guarantee is good for the lifetime of your personal, individual tax return, which Intuit defines as seven years from the date you filed it with TurboTax Desktop. Excludes TurboTax Desktop Business returns. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TurboTax Desktop Business Returns:

100% Accurate Calculations Guarantee - Business Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest. Excludes payment plans. You are responsible for paying any additional tax liability you may owe. Additional terms and limitations apply. See License Agreement for details.
Maximum Tax Savings Guarantee - Business Returns: If you get a smaller tax due (or larger business tax refund) from another tax preparation method using the same data, TurboTax will refund the applicable TurboTax Business Desktop license purchase price you paid. Additional terms and limitations apply. See License Agreement for details.
Satisfaction Guarantee/ 60-Day Money Back Guarantee: If you're not completely satisfied with TurboTax Desktop software, go to refundrequest.intuit.com within 60 days of purchase and follow the process listed to submit a refund request. You must return this product using your license code or order number and dated receipt. Desktop add-on products and services purchased are non-refundable.

TURBOTAX DESKTOP DISCLAIMERS

Installation Requirements: Product download, installation and activation requires an Intuit Account and internet connection. Product limited to one account per license code. You must accept the TurboTax License Agreement to use this product. Not for use by paid preparers.
TurboTax Desktop Products: Price includes tax preparation and printing of federal tax returns and free federal e-file of up to 5 federal tax returns. Additional fees apply for e-filing state returns. E-file fees may not apply in certain states, check here for details. Savings and price comparison based on anticipated price increase. Software updates and optional online features require internet connection. Desktop add-on products and services purchased are non-refundable.
Fastest Refund Possible: Get your tax refund from the IRS as fast as possible by e-filing and choosing to receive your refund by direct deposit. Tax refund time frames will vary. The IRS issues more than 9 out of 10 refunds in less than 21 days.
Average Refund Amount: $3,207 is the average refund amount American taxpayers received in the 2024 filing season based upon IRS data as of February 16, 2024 and may not reflect actual refund amount received.
TurboTax Technical Support: Customer service and technical support hours and options vary by time of year.
Deduct From Your Federal Refund: Individual taxes only. Subject to eligibility requirements. Additional terms apply. A $40 Refund Processing Service fee applies to this payment. method. Prices are subject to change without notice.
Data Import: Imports financial data from participating companies; Requires Intuit Account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2022 and higher) and QuickBooks Desktop (2023 and higher); both Windows only. Quicken import not available for TurboTax Desktop Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
Live Tax Advice: Access to tax experts to obtain answers to tax questions and to assist with tax year 2024 return(s) prepared with TurboTax Desktop software. Additional fees apply. Must be purchased and used by October 31, 2025. Excludes TurboTax Desktop Business. See License Agreement for details.
Audit Defense: Audit Defense is a third-party add-on service provided, for a fee, by TaxResources, Inc., dba Tax Audit. See Membership Agreements at https://turbotax.intuit.com/corp/softwarelicense/ for service terms and conditions.

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