Frequently Asked Questions

Answers to Frequently Asked Questions

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What are the newest Tax changes for 2022?

Answer: The standard deduction for an individual is 12,950, for joint filers 25,900 and for heads of households 19,400. The child tax credit is smaller. For 2022, certain low-income people can only get up to $1,500 per child as a refund, instead of the full $2,000 child credit, if their child credit exceeds the taxes they otherwise owe.

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How much money can I contribute to a ROTH IRA or a Traditional IRA for 2019?

Answer: Qualifying participants can contribute up to $6,000 into a ROTH or Traditional for 2019. There is also a catch-up contribution that can be made of $1,000 if participants are over age 50. These contributions can be made up until April 15, 2020, for 2019 also. It’s important to note that there are income thresholds for participants.

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Is there an age limit to claiming a child as a dependent?

Answer: To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:

To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a “student” younger than 24 years old as of the
end of the calendar year.
There’s no age limit if your child is “permanently and totally disabled” or meets the qualifying relative test.In addition to meeting one of the tests above, your child must also meet all of the other tests to be your dependent (Dependent taxpayer test, citizen or resident test, and the joint return test).

Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC.

Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS.

Tracey Wealth Management is not affiliated with Kestra IS or Kestra AS.

Neither Kestra IS nor Kestra AS provide legal or tax advice and are not Certified Public Accounting firms.

Tracey & Tracey Certified Public Accountants, LLC

327 Central Ave #101, Linwood, NJ 08221, USA

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