While tax laws are constantly evolving, some changes implemented in 2021 can still influence your tax filing in 2024. While some benefits may no longer apply in their original form, understanding these changes can help you navigate your current tax situation.

One of the most notable changes from 2021 was the significant increase in the child tax credit. This credit aimed to ease the financial burden of raising children. Though the credit amounts haven’t carried over to 2024, it’s important to remember the expansion in 2021. If you claimed the child tax credit in 2021, you might have received advanced payments throughout the year. These pre-payments need to be reconciled with your actual credit amount when filing your 2021 return (which you would have filed in 2022). This could result in a larger tax refund or a potential tax liability depending on the amount of credit you received in advance.

Another noteworthy change from 2021 was the temporary above-the-line deduction for charitable donations for non-itemizers. This allowed taxpayers who don’t keep detailed records of their charitable giving to deduct a set amount from their taxable income, even if they didn’t itemize deductions. While this specific deduction isn’t available in 2024, it’s still beneficial to understand. If you made charitable contributions in 2021, you may be eligible for a larger deduction if you itemize your deductions on your 2021 tax return.

It’s also important to note that Required Minimum Distributions (RMDs) from retirement accounts like IRAs resumed in 2021 after being waived in 2020 due to the pandemic. This means that if you reached the age for RMDs in 2021 or later, you’ll need to continue taking these mandatory withdrawals and pay taxes on them. The specific rules for RMDs haven’t changed in 2024, so understanding how they worked in 2021 will be helpful for future tax filings.

While the initial benefits of some 2021 tax changes may not be directly applicable in 2024, the knowledge of those changes can still be valuable when filing your taxes. This information can help you reconcile advance payments, determine if itemizing deductions is advantageous, and ensure you’re following the current RMD guidelines. For a more comprehensive understanding of how 2021 tax changes might impact your 2024 filing, consulting with a tax professional is always recommended.