SPEAKER: Karen Davis, EA
DATE: Thursday January 27, 2022 or February 10, 2022 12-2PM EASTERN or On-Demand Archive (NO CPE CREDIT for On-Demand)
TIME: 12:00 P.M. - 2:00 P.M. Eastern
LOCATION: All New Pre-recorded Webinar
NOTE: There will be an opportunity to receive answers from the instructor in real-time by submitting your questions in the Q&A forum on the webinar page!
For tax season 2022, there will be many new and substantially changed forms. This webinar focuses on four in particular that will affect individual tax payers, and will include multiple examples.
Schedule 8812, Child Tax Credit is not just to calculate the refundable portion of the child tax credit, but for everyone. Taxpayers must reconcile advance payments of the child tax credit (amounts shown on Letter 6419)
Form 2441, Dependent Care Credit has been supersized and the income phaseouts changed – up to 50% of $16,000 for two kids, and refundable. Plus dependent care benefits accounts were modified substantially in 2020 and 2021 due to the pandemic, with plans permitted to allow carryover amounts after 2020 daycare arrangements fell through due to Covid, and to supersize the plan to $10,500 for 2021.
Form 8962, Premium Tax Credit is no longer subject to a cliff at 400% of FPL. Instead, for 2021 and 2022, a taxpayer with income above 400% FPL is expected to pay 8.5% of family income towards their insurance.
Form 8915-F is for qualified disaster-related retirement plan distributions, successor to last year's Form 8915-E, but IRS has totally reconceptualized how this is supposed to work.
This seminar will include a detailed line-by-line example for each of these 4 forms! We will prepare Form 1040, where all of these credits land.
Click here for the course example.
Topics & Learning Objectives Include:
Line-by-line Examples of The Following Forms:
- Schedule 8812 - Child Tax Credit
- Form 2441 - Dependent Care Credit
- Form 8962 - Premium Tax Credit
- Form 8915-F - Qualified Disaster-Related Retirement Plan Distributions
- And Much More
Click On The Video Below To View A Demo of Karen Davis
Karen Davis is one of the most knowledgeable tax lecturers in the nation. She has the ability to simplify the most complex tax rules. Bring in all your tax questions and get a CORRECT answer.