A combination of new rules from the Inflation Reduction Act and a phasing out of tax policies from the heart of the coronavirus pandemic could mean the options to receive the largest return may change for taxpayers.
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“The standard deduction for tax year 2022, if you’re single, it increased to $12,950,” TurboTax certified public accountant Lisa Greene-Lewis said. “The child tax credit will go back to a credit of $2,000,” Greene-Lewis said. “Under the American Rescue Plan it was up to $3,600 for your child under six.”
“Their furnace goes out, they need to buy a new furnace, and they have a choice between say a heat pump or another kind of furnace that doesn’t qualify, the tax credit makes it cheaper to buy the more efficient type,” Senior Tax Policy Center fellow Ben Page said.
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