16 Income Tax Changes Coming in 2023

Higher-income limits for the saver’s credit

For 2022, the saver’s credit, which is also known as the retirement savings contributions tax credit, will have higher income limits.

You might be able to use this credit in 2022 if you contribute to a retirement account and your adjusted gross income isn’t more than $68,000 if you’re a married person that files jointly, $51,000 if you’re the head of the household, and $34,000 if you fall in any other tax-filing status.

More value to earned income tax credit for those taxpayers with qualifying children

For 2022, both the income limits and the maximum value of the earned income tax credit will be higher.

You might be eligible for the EITC on your 2022 return if your AGI isn’t more than $59,187 if you’re married and you’re filing jointly; and $53,057, if you’re falling in any other tax-filing statuses.