What do you need to prove to California that you have had Health Insurance coverage in 2022? If you and your family have health insurance through Covered California: Please bring Form 1095-A (from IRS). If you and your family have had health insurance through your Employer you should receive form 1095-B and/or 1095-C. If you and your family have had health insurance cover through Medi-Cal. Please bring form 1095-B. Do I qualify for Earned Income Tax Credit (EITC)? Learn about … Continue reading “Forms needed to complete your 2022 taxes”
Christmas and New Year is around the corner, One of the real joys this holiday season is the opportunity to say thank for being with us this year 2022! Dante Tax Team wish you the very best for the new year 2023.
The child tax credit has now reverted in 2022 back to its original limit of $2,000 for every dependent under age 16. Income thresholds for single taxpayers and heads of household are set at $200,000 to qualify (and $400,000 for joint filers). The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. In 2022, the tax credit will be refundable only up to $1,500 … Continue reading “CHILD TAX CREDIT: Up to $2,000 per qualifying dependent child up to 16 years old on Dec. 31, 2022“
Californians without coverage for the entire year will likely pay a minimum penalty. You must enroll in a qualified health insurance plan by January 15, 2023. The penalty for not having coverage the entire year will be at least $850 per adult and $425 per dependent child under 18 in the household when you file your 2022 state income tax return in 2023. A family of four that goes uninsured for the whole year would face a penalty of at least $2,550.
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.
IRS Tax Tip 2021 Taxpayers may be able to claim the child tax credit if they have a qualifying dependent child 17 or younger. The credit is refundable in 2021, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. A dependent who doesn’t have the required SSN may … Continue reading “CHILD TAX CREDIT”
You must either enroll in a qualified health plan or have a valid exemption. Starting in 2020, California residents must either: Have qualifying health insurance coverage, or Pay a penalty when filing a state tax return, or Get an exemption from the requirement to have coverage. The penalty for not having coverage the entire year will be at least $800 per adult and $400 per dependent child under 18 in the household when you file your 2021 state income tax … Continue reading “Avoid penalty for not having health insurance in 2022”
Not likely. In addition to lasting health concerns, a number of new tax law provisions will create complications for some filers, as well as potential pitfalls to avoid. And maybe new tax laws by year’s end. The tax changes in the American Rescue Plan Act (ARPA) that went into effect in 2021 could result in out-of-the-ordinary situations for clients.