CHILD TAX CREDIT: Up to $2,000 per qualifying dependent child up to 16 years old on Dec. 31, 2022

Posted on November 9, 2022Categories Articles

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 readingCHILD TAX CREDIT: Up to $2,000 per qualifying dependent child up to 16 years old on Dec. 31, 2022

Purchase health insurance from Covered California to avoid Tax penalties in 2023

Posted on November 9, 2022November 28, 2022Categories Articles

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.

CHILD TAX CREDIT

Posted on November 22, 2021Categories Articles, Tax Tips

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”

Avoid penalty for not having health insurance in 2022

Posted on November 22, 2021November 22, 2021Categories Articles, Tax Tips

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”