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2022 IRS 1040 ND: What You Should Know

Credit for certain expenses for dependents expanded. • Additional credit for charitable contributions increased. • Married couples filing separate returns and heads of household filing separately not eligible for the credit for any tax year after 2018. • Increased standard deduction. • Additional child tax deduction up to 500. • Deduction for interest paid or incurred for property or casualty insurance and life insurance up to 500. • 5,000 deduction for student loan interest paid or incurred. • Increase from 15.5 percent to 20 percent for AMT. • 5,000 deduction for qualified tuition and related expenses. • Credit for first-time homebuyers increased. • Married couples filing separate returns, heads of households filing separately up to 20,000 in excess of 250,000 value of real estate in anyone tax year. • New exclusion for qualified interest paid on savings bonds. • New exclusion for capital gain from the sale or exchange of partnership interests. • Deduction for contributions to retirement plans 1,000 a year and up to 5,000 a year. • Deduction for tuition and fees for employees for tuition, fees, education, or training if paid for with qualified tuition and fees received from educational institutions or an employer. • Deduction for education expenses paid from employee payroll deductions. • Deduction for medical expenses paid from employee wages. • New deduction for interest paid on student loans for borrowers under age 65. • New deduction for health expenses paid from employee payroll deduction. • New deduction for qualified dependent care expenses paid by one or more minor children that don't substantially support the borrower or depends on that person for more than half of the month of an individual year. • Deduction for student loan interest paid up to the amount allowed under modified adjusted gross income. • Deduction for income tax expenses not reimbursed by an employer. • Deduction for interest paid or accrued on unencumbered bonds. • Deduction for qualified railroad retirement plan contributions from excess earnings. • New deduction for excess casualty or theft loss. • New deduction for personal casualty or theft loss, up to 12,500 deduction. • Deduction for loss for reimbursed expenses for casualty or theft. • Deduction for employee contributions to IRAs, IRA, or Has. • Deduction for distributions from qualified tuition programs. • Deduction for unused tuition and fees for students at an eligible post-secondary educational institution. • Deduction for tuition and student fees for children under age 24.

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