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February 7, 2023

Don’t Miss These Five Tax Credits for Tax Year 2022

It’s that time of year again when Uncle Sam is knocking at the door. As you’re getting your paperwork together and preparing to file your taxes, don’t forget to consider the available credits for tax year 2022. Tax credits directly reduce the amount of tax you owe or increase your refund.1 A few select tax credits are even refundable — that means if you owe only $1 in taxes but qualify for a $500 credit, you’ll still get back the difference of $499. You don’t want to miss those if you qualify! Here are five tax credits that you won’t want to overlook:

Child Tax Credit

Qualifying taxpayers with dependent children under the age of 17 may be able to claim up to $2,000 per qualifying dependent, with up to $1,500 being refundable. Find out more and determine if you qualify here.

Earned Income Tax Credit

This tax credit is designed to give low- to moderate-income earners a tax break, and it’s also refundable, like the Child Tax Credit. You may be able to claim the Earned Income Tax Credit (EITC) for tax year 2022 if you’ve worked and earned income under $59,187 and have investment income below $10,300. There are a few other criteria to qualify. Find out more and check if you qualify here.

Clean Vehicle Tax Credits

Legislation passed by Congress called the Inflation Reduction Act of 2022 created several new tax credits and deductions, including Clean Vehicle Credits. If you bought a new, qualified plug-in electric vehicle in 2022 or before, you may be eligible for a clean vehicle tax credit of up to $7,500. Learn more about the Electric Vehicle Tax Credit and related credits here.

Retirement Savings Contributions Credit

If you made certain contributions to an employer-sponsored retirement plan or an individual retirement arrangement (IRA), you may qualify for this tax credit. The amount you might qualify for is based on your adjusted gross income and the contribution amount you made. Learn more.

Residential Energy Credits

Did you install energy-efficient windows this year? This and many other qualifying energy-saving improvements to your home might have a second benefit: a tax credit. You may be eligible for a Residential Energy Credit if you made certain improvements to your home in tax year 2022. Learn more.

For a full list of tax credits and deductions that might lower your tax bill, visit IRS.gov.

Get the TurboTax® Perk for Grow members

There are dozens of credits and deductions available, so the best way to ensure you’re in the best possible tax position is to work with a certified tax preparer. When you’re ready to file, don’t forget that Grow Financial members are eligible for a rebate of up to $15 on Federal TurboTax® online products.2

Did you know that taxpayers with an Adjusted Gross Income (AGI) of $73,000 or less may qualify for free federal tax filing through the IRS Free File program? Find out about free filing options at IRS Free File.

1For specific tax advice, please consult a qualified tax professional.
2TurboTax® is not an affiliate of Grow Financial. See TurboTax product guarantees: http://turbotax.intuit.com/lp/yoy/guarantees.jsp ©1997-2023 Intuit Inc. All rights reserved. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property of their respective owners.

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