Author Archives: TetonValleyVita
What to Bring
Smaller Refund in 2022?
Many taxpayers may find that their refunds for the 2022 tax year are smaller or the amount due is larger than for 2021. Here are some of the main changes in the tax law between 2021 and 2022 that may explain this.
- Child Tax Credit
In 2021, the CTC was $3,600 for children 5 yrs and younger, and $3,000 for children between the ages of 6 and 17. The credit was fully refundable, and it was often paid in advance. In 2022, the CTC is only $2,000, and is only available for children 16 yrs and younger. It is only partially refundable for certain taxpayers (and not at all for others), and it is not paid in advance. - Child and Dependent Care Credit
In 2021, the CDCC was available for up to 50% of a maximum of $8,000 of expenses for one child (and $16,000 of expenses for 2 or more children). It was fully refundable, and it was not phased out until higher income levels. The credit could be as high as $8,000.
In 2022, the CDCC is available for up to 35% of a maximum of $3,000 of expenses for one child ($6,000 for 2 or more children). It is not refundable, and it begins to phase out at much lower levels of income. The maximum credit has dropped to $2,100. - Earned Income Tax Credit
In 2021, taxpayers 19 years and older could claim the EITC. The maximum credit for a childless worker was $1,502, and the maximum credit for families with 3 or more children was $6,728.
In 2022, a stricter age requirement (25-65 yrs old) applies to taxpayers claiming the EITC if they have no qualifying children. The maximum credit for a childless worker drops to $560. However, the maximum credit for families with 3 or more children increases to $6,935. The rule permitting a calculation based on 2019 earned income, if favorable, has been eliminated. - Recovery Rebate Credit
In 2021, taxpayers and children entitled to Third Round Stimulus Payments of $1,400 each received a refundable Recovery Rebate Credit to the extent they did not receive the stimulus payments. In 2022 there have been no stimulus payments, and therefore no recovery rebate credits. - Charitable gift deduction
In 2021, taxpayers who did not itemize could still claim a $300 deduction for any cash donations to charities during the year. In 2022, taxpayers may only claim deductions for charitable donations if they itemize. - Flexible spending accounts for dependent care
In 2021, taxpayers could claim deductions for up to $10,500 in contributions to a dependent care FSA. o In 2022, this limit has been reduced to $5,000.
Natrona County VITA
Location
The Aspen Creek Building
800 Werner Court Suites 130 – 150
Casper, WY 82601
Phone: 307-333-5095
Hours
January 30 thru April 6, 2024
Tuesday – Friday 10 am – 3:00 pm
Saturday 9:00 am – 1:00 pm
Casper area LINK bus stop: Green Route
Teton VITA Poster
Carbon County Locations
Services in Sheridan, Johnson and Carbon Counties
Teton VITA (Jackson)
Teton VITA is no longer operating. For information about services offered by Teton County Library in Jackson, go to https://www.tclib.org/185/Free-Tax-Prep-2024
Pinedale
Although the Pinedale VITA site is not operating this year, Teton VITA, which operates out of Jackson, will be providing services for clients in Sublette County.
Taxpayer packets, which contain information about assembling the documents you need for your return, will be available at the Sublette County libraries. These packets will also have information about how to make appointments or arrangements for your return preparation.
Teton VITA uses the drop-off process for returns. Taxpayers bring their tax documents to a site and complete an intake interview. Teton VITA volunteers then prepare the return and contact the taxpayer when the return is ready for review and signing.
Sublette County clients have two options:
- Travel to Jackson during one of Teton VITA’s intake sessions at the Teton County Library to drop-off your packet and complete the intake interview. Then, once the return is completed, you return to Jackson to review and sign the return.
- On Tuesdays in February at Teton County Library in Jackson, same day completion of returns will be available for Sublette County residents. Details can be found in the Packets.