The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-2)

The IRS “What Ifs” for Struggling Taxpayers – Job Related (A-2)
What if my income declines?
There are many tax credits that are subject to income limitations. If you had a reduction
in income this year you may be eligible for some credits or deductions. For example,
the  Earned Income Tax Credit  is available for working families and individuals.
Eligibility is determined by income and family size. You must file an income tax return in
order to claim EITC. See the IRS Filing  page for more information on EITC, other tax
credits and tax law changes. (irs.gov)

What if I am searching for a job?
The Tax Cuts and Jobs Act suspended the  deduction for moving expenses  and job search
expenses for most taxpayers for tax years beginning after December 31, 2017 through
January 1, 2026. This suspension does not apply to members of the Armed Forces of the
United States on active duty who move pursuant to a military order related to a
permanent change of station.
However, employers may exclude from wages any 2018 reimbursements to or payments
on behalf of employees for moving expenses incurred for a move that took place prior to
January 1, 2018, and which would have been deductible had they been paid prior to that
date. See  Notice 2018-75  for more information.
(IRS Web Site Updated 3/28/22) (TTT 06/14/22)