Selected Expired Individual Tax Items

  • The one year only increase in the child credit expired at the end of 2021.  This credit reverted back to $2,000 (from $3,000); reduced the age back to under 17 (from under 18); is no longer fully refundable ($1,400 max); and reverts back to lower income phase outs.
  • The one year only increase in the dependent care credit also expired at the end of 2021.  It reverts back to 20% from (50%); reverts back to a very low AGI phase out (at $15,000 it begins reducing from 35% to 20%); and lowers qualified expenses back to $3,000 for one child ($6,000 for >1) from the one year only amounts of $8,000 and $16,000.
  • The 100% of AGI charity deduction for cash contributions reverted back to a 60% limit.
  • The credits for nonbusiness energy property (insulation, storm windows and doors, etc.) and alternative fuel refueling (electric car chargers) expired at the end of 2021.

Selected Expired Business Tax Items:

  • Full expensing of R&D costs changes from 2021 to a five year amortizing asset deduction in 2022
  • The 1099-K reporting threshold of $20,000 for 2021 has been dropped down to $600 for 2022.