Changes in tax credits for tax year 2022
1. Child tax credit
Child tax credits (CTC) will return to a $2,000 lump sum for individuals making up to $200,000.
For couples filing jointly who make up to $400,000, the amount is $1,400.
The *Child Tax Credit is taken on the 2022 tax return.
The $2,000 child tax credit is due to expire after 2025.
2. Child and dependent care credit
The child and dependent care credit is a tax credit that may help you pay for the care of eligible children and other qualifying dependents.
In 2021, depending on income, families with two or more qualifying persons saw a credit up to $16,000.
That will no longer be the case for 2022. The maximum credit for 2022 is $2,100.
3. Earned income tax credit
To claim the earned income tax credit, you must have earned income and meet certain adjusted gross income (AGI) and credit limits for the current, previous and upcoming tax years.
In 2021, the maximum amount of credit eligible taxpayers were allowed to claim was $1,502 if they had no qualifying children, and up to $6,728 for three or more qualifying children.
For 2022, the earned income tax credit amount will decrease to between $560 to $6,935.
Estimated Tax Payments
If you have taxable income from being self-employed or you have a business, you will need to make estimated tax payments throughout the year because you’re required to pay income taxes as you earn your income. Note that generally, you should only expect to pay estimated tax if you think you’ll owe at least $1,000 in tax for tax year 2022.
The following table shows the quarterly 2022 tax year dates for payment for self-employment tax and estimated taxes.
| 2022 Tax Deadlines for Estimated Taxes | |
| Period | Tax Filing Deadline |
| Jan. 1 to March 31, 2022 | April 15, 2022 |
| April 1 to May 31, 2022 | June 17, 2022 |
| June 1 to Aug. 31, 2022 | Sept. 16, 2022 |
| Sept. 1 to Dec. 31, 2022 | Jan. 15, 2023 |
