The IRS announced in a News Release on January 10, 2022 that the start of the 2022 tax filing season begins on Monday, January 24, 2022.
Below are additional reminders for the 2022 Tax Season.
EITC Election to Use 2019 Earned Income
Taxpayers who qualify for EITC may elect to use their 2019 earned income to figure their 2021 EITC if their 2019 earned income is more than their 2021 earned income.
For more details see the Form 1040 instructions for line 27a.
Charitable Contributions 2021
Taxpayers who do not itemize may take a deduction on Form 1040, line 12b of up to $300 ($600 if MFJ) for cash charitable contributions that they made in 2021.
2020 Coronavirus related Retirement Distribution
Where to report amount that is taxable on the 2021 return
Those taxpayers who took a Coronavirus related distribution from their retirement account and elected to have the distribution taxed over three years will report the amount that is taxable in 2021 on Form 8915-F (Qualified Disaster Retirement Plan Distributions and Repayments).
See the draft Form 8915-F instructions for more details.
EITC for taxpayers with no children
For Tax Year 2021, the following individuals with no children may be eligible for EITC (depending on their income):
- Individuals over 18
- Students attending school over 23
- Former foster youth or qualified homeless youth over 17
For more info see page 7 of the Form 1040 instructions.
Elimination of Tuition and Fees Deduction
The Tuition and Fees Deduction (Form 8917 and Form 1040 Adjustment to Income) is no longer applicable for 2021. It has been replaced by increasing the income limitation to $180,000 for Married Filing Joint filers ($90,000 for single, head of household or qualifying widow(er)) for the lifetime learning credit on Form 8863 (Education Credits).
For more information, see the Federal Tax Law Changes for 2021 article or the following on the IRS website:
- Tuition and Fees Deduction – Form 1040 instructions, page 6 (What’s New for 2021).
- Lifetime Learning Credit change – Form 8863 instructions
