For tax year 2022 some tax credits that were expanded in 2021 will return to 2019 levels. This means that affected taxpayers will likely receive a smaller refund compared with the previous tax year. Changes  include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

• Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
• For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get a maximum of $530 in 2022.
• The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

To claim the Earned Income Tax Credit (EITC) , you must

• Have worked and had earned income  under $59,187
• Have investment income below $10,000 in the tax year 2022
• Have a valid Social Security number  by the due date of your 2022 return (including extensions)
• Be a U.S. citizen or a resident alien  all year
• Not file Form 2555 (related to foreign earned income )

If you are eligible for this credit, the maximum amount you could receive is:

• $560 if you have no dependent children
• $3,733 if you have one qualifying child
• $6,164 if you have two qualifying children
• $6,935 if you have three or more qualifying children

The CTC is worth a maximum of $2,000 per qualifying child. Up to $1,400 is refundable. To be eligible for the CTC, you must have earned more than $2,500.

If you have income below the standard deduction threshold for 2022, which is $12,950 for single filers and $25,900 for married couples filing jointly , you may not be required to file a return. However, you may want to file anyway because you may be able to take advantage of several features and benefits in the tax system which could reduce the amount you owe, or in many cases, especially for people with low incomes, increase the amount you could receive in a refund. Some key factors to make sure you look out for include:

If you worked during 2022 and had taxes withheld from your paycheck, you may be able to get some or all of that “over-withholding” back in your refund. Make sure you get W2 forms from all your employers and enter that information into the tax form when you fill it out.