What's New in 2023

1. Key Changes

• Increased age for required distribution.
• Decreased penalty if required distributions aren't taken.

New tax credits

• Tax credit for new clean vehicles. A credit for up to $7,500 if you buy a new qualified plug-in electric vehicle or fuel cell electric vehicle.
• Tax credit for clean USED vehicles. A credit  up to $4,000 is available if you buy a previously owned, qualified plug-in electric vehicle.
• Tax credit for energy efficient home improvements. An annual tax credit up to $1,200 if you make qualified energy improvements to your homes.

ALERT: Look for Form 1099-K

• This year you may receive an unfamiliar 1099-K tax form.

1.  It shows gross payment amounts.
2. Reporting changes mean more forms.  In 2023, all third party payment services are required to send a 1099-K for any activity over $600.
3. You are not in business. So now individuals are reselling concert tickets or using Venmo to receive payments may be in business in the eyes of the IRS.
4. Personal payments may be included on a 1099-K.
5. Save the form. You will need to account for this information on your tax return!