Federal Income Tax Changes Summary - 2022
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Each year, various limits affecting income tax preparation and planning change. Some changes
commonly occur each year as a result of inflation indexing, while others occur because of new legislation
or the sunsetting of existing law. This course will examine the tax changes affecting 2022 as a result of
passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act),
the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the American Rescue Plan Act
(ARPA), and the inflation-changed limits effective for 2022 that are more significant from the perspective of
an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding
the changes. |
Course Info:
- Course #: 3225F
- Delivery: Self-Study
- CPE Hours: 3
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 106
- Questions: 15
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EA Program Approval Number: XE26W-U-00335-22-S
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Course Objectives
- To identify the individual income tax rate changes affecting taxpayers.
- To recognize the standard mileage deductions for –
• Use of a personal vehicle for business purposes,
• Use of a personal vehicle to obtain medical care, and
• Charitable use of a personal vehicle
- To identify the 2022 standard deduction amounts available to taxpayers
- To recognize the changes made to the alternative minimum tax exemption amount for 2022
- To identify the tax-free United States savings bond income limits for taxpayers who paid qualified
higher education expenses in 2022
- To recall the tax-deductible premiums for and tax-free benefits received under qualified long-term
care insurance contracts
- To recall the amount of assets that may be passed tax-free at death
- To recall the retirement savings contribution credit available to eligible taxpayers
- To recognize the rules and income limits applicable to eligibility for the earned income credit
- To identify the adoption credit rules
- To identify the change effective in 2022 related to the -
• Health flexible spending arrangement contribution limits
• Small business health care tax credit
• Large employer shared responsibility provision
- To recognize the eligibility rules applicable to Archer MSAs and HSAs
- To recall how to calculate the maximum contributions that may be made to an Archer MSA
- To identify the tax treatment rules to contributions to and distributions from Archer MSAs and
HSAs
- To recall how to calculate the traditional IRA tax deduction available to a taxpayer who is an active
participant in an employer-sponsored retirement plan
- To recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution
- To identify the American Rescue Plan Act’s provisions affecting 2022 tax advice and tax preparation
- To identify the rules concerning repayment of tax-favored retirement fund distributions expanded
under pandemic-related legislation
- To recall the changes in health savings account (HSA) rules related to first-dollar payment for
telehealth and COVID-19 testing and treatment
- To recognize how to apply the rule changes to qualified improvement property depreciation)
- To recognize the rules related to the exclusion of certain employer payment of student loans
Table of Contents
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