01/18/2023
‼️ Y’all are going to be disappointed about them refunds this year ‼️
NO BIG CHECKS THIS YEAR! All Tax Laws are going back to Pre-Covid Laws!
1️⃣This coming Tax Season YOU will not be eligible for a REFUND without having EARNED Income. (Meaning you MUST work or operate a business to receive a refund.)
2️⃣ Child Tax Credit will NOT be 100% refundable & will go back to current law of $2,000 per child with only $1,400 being refundable (depending on income)
*must make a minimum earned income to qualify
3️⃣ The Child Tax credlt is back to only dependents up to 17… so any child that will still be 16 on Dec. 21,2022 and Younger.
4️⃣ Earned Income Credit is back to normal. Those 25 and older with no dependents will qualify. (NOT 19 & over)
5️⃣ Dependent Care Credit (Daycare) will NOT be 50% refundable. It will be 20-35% with a maximum of $3,000 for 1 dependent or $6,000 for 2 or more.
6️⃣ NO MORE STIMULUS
PLEASE understand that refunds will not be what they were for the last 2 years 🗣️