Page 16 THE EVERETT ADVOCATE – FRiDAy, JAnuARy 27, 2023 OBITUARIES CHILD TAX CREDIT FOR 2022 he child tax credit in the amount of $2,000 per qualifying child is allowed for calendar year 2022. A qualifying child for purposes of the child tax credit is a child who: 1. is claimed as your dependent on your tax return; 2. was under the age of 17 at the end of 2022; 3. is your (a) son, daughter, adopted child, stepchild or a descendent of any of them (for example, your grandchildren); (b) brother, sister, stepbrother, stepsister, or a descendent of any of them (for example, your niece or nephew), whom you cared for as you would your own child; or (c) foster child (any child placed with you by an authorized placement agency whom you cared for as you would your own child, and 4. is a U.S. citizen or resident alien. An adopted child is always T treated as our own child. An adopted child includes a child placed with you by an authorized placement agency for legal adoption even if the adoption is not final. An authorized placement agency includes any person or court authorized by state law to place children for legal adoption. Remember, the child tax credit is a dollar for dollar tax credit and not simply a deduction to be utilized in order to reduce your otherwise taxable income. It was the Tax Cuts and Jobs Act passed by Congress in 2017 that provided for the increase from $1,000 to $2,000. There is a $500 tax credit allowed for each qualifying child for whom the credit is not otherwise allowed and for each qualifying relative. An example might be a parent that you are caring for or a child who happens to be age 17 or older at the end of calendar year 2022. The child tax credit begins to phase out when modified adjusted gross income reaches $400,000 for joint filers, and $200,000 for any other filing status. The tax credit is reduced by $50 for each $1,000 of income over these thresholds. A portion of the child tax credit is refundable for all taxpayers, regardless of the amount of the taxpayer’s regular tax or alternative minimum tax liability. For Teresa “Terry” (Oddi) Iannaco calendar year 2022, the additional child tax credit is refundable in an amount equal to the lesser of the portion of the child tax credit the taxpayer cannot claim due to the tax liability limitation or 15% of the taxpayer’s earned income in excess of $2,500. If the taxpayer has 3 or more qualifying children, the threshold for the second calculation is the excess of the taxpayer’s share of social security taxes over his or her earned income credit, if that excess is greater than 15% of the taxpayer’s earned income over $2,500. The additional child tax credit may not exceed $1,500 per qualifying child under the age of 17. The $500 partial credit for any other dependent is not refundable. The additional child tax credit is claimed on Form 8812. Do not overlook this valuable tax credit when preparing your income tax return. It is a valuable “dollar for dollar” tax credit which can reduce your tax liability substantially. It is much more valuable than a “tax deduction” which will only serve to reduce taxable income. If, for example, you are only in a 22% tax bracket, a $1,000 deduction would save only $220 in taxes. The child tax credit as well as the additional child tax credit for 2022 is not as high as it was on the 2021 tax return. Congress increased the 2021 child tax credit to $3,600 for children under age 6 and $3,000 for children ages 6 to 17 due to Covid 19, but chose not to extend the increases for the 2022 calendar year. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. O f Everett. Entered into eternal rest in the Tufts Medical Center after a brief illness on Tuesday, January 17, 2023. She was 85 years old. A devoted wife and mother, Terry spent years as a homemaker, caring for her husband and children. She volunteered and was devoted to her Church, St. Anthony’s as a religious eduBASEBALL | FROM PAGE 14 Coach Mark “Lunch” McKenzie, Wheaton College Assistant Coach Pete Pasquarosa, Joe O’Connor, director of Advanced Physical Therapy and NHSBCA Director and Hall of Famer Tim Saunders, from Ohio. The MBCA Hall of Fame banquet and induction ceremony will be held Saturday, January at Four Points in Wakefield at 6:00 p.m. Inductees for 2023 will be: • Dennis Baker (Bellingham HS, Ret.) • Tom Brassil (Holyoke HS, Ret.) • Gerard Lambert (Xaverian Bros. HS) • Mike O’Keefe (Chelmsford HS, Ret.) ***** Registration is just $80 for the entire two-day clinic and tickets are $50 for the Hall of Fame dinner and induction ceremony. One-day registrations for the clinic for a reduced rate are also available. For registration for the speakers’ clinic or to purchase tickets for the Hall of Fame banquet, go to massbca.com for online ordering. For questions or more information contact Steve Freker at: steve.freker@gmail.com ***** World Series Supt. Bob Davis of Saugus will be honored with Ebbett Award, a major honor from MBCA Two gentlemen who have become icons in their homecator, Eucharistic Minister, lector, Catholic Women’s League and of course, Bingo. Terry was very passionate about the city of Everett and the Everett Council of Aging having been a member of the board and serving as Acting Chairperson. If anyone would inquire to her as to where she was going, her answer would be “I’m going to the Armory”. For many years she worked at the Everett Cooperative Bank, first as a teller and retiring as a bookkeeper. A caring and compassionate person to family, friends and everyone she met. Never wanting to remain idle, Terry loved cooking for her family, selling plants at her yard sales, dancing, costume parties, senior outings and travel with family and friends. Devoted daughter of the late Francesco and Maria (Presutti) Oddi. Beloved wife of the late Angelo for over 59 years prior to his passing. Dear and devoted mother of Angelo Iannaco, Jr. and his wife, Adele of Melrose, Steven V. Iannaco and Maryann Iannaco Camtowns because of the time and work they have done to promote baseball in their respective communities will be honored with a major award by the MBCA at Saturday evening’s Hall of Fame banquet. Bob Davis of Saugus is one of two honorees who will receive an MBCA 2023 Fred Ebbett Award. Mr. Ebbett did tireless work as one of the founders of the MBCA in the 1960s and 1970s and served over 20 years as the organization’s first Secretary-Treasurer. Ten years ago, an award was named in his honor to recognize outstanding contributions to baseball in Massachusetts communities. Bob Davis has been the man behind the construction, maintenance and improvement of World Series Park in Saugus since its creation in 2004. It was built solely on the contributions of Saugus residents and surrounding groups and businesses to honor the spirit of the 2003 Saugus American Little League team, which made it all the way to the U.S, Championship final game before falling to Boynton Beach, Fla. in that game, Back then, the town needed another baseball diamond to maximize the ongoing development of this talented crop of ballplayers. Bob was on the committee for the involved in the initial pana of Everett. Sister of Alfredo Franciosa of Fl; and the late Michael, Anthony and Daniel Oddi, Ralph Franciosa, Assunta Petrigno, Tina Frangiamone, Margaret D’Archangelo and Rose Sisti. Loving “Nana” of Marina DeNicola, Peter and Phillip Iannaco and Anthony Campana and great-grandmother of Nathan DeNicola. Terry is also survived by several nieces, nephews, and very, good friends. Relatives and friends were invited to attend Terry’s visiting hours in the Cafasso & Sons Funeral Home, Everett, Monday, Jan. 23. Her funeral was from the funeral home on Tuesday at followed by a funeral Mass in St. Anthony’s Church, Everett. Interment was in Woodlawn Cemetery, Everett. Contributions in Teresa’s memory to the Alzheimer’s Association, 309 Waverley Oaks Rd., Waltham, MA 02452 would be sincerely appreciated. OBITUARIES | SEE PAGE 17 construction, and has been superintendent ever since. Along the way, he has continued to spearhead improvements to the field, including a scoreboard, fieldhouse, dugouts, a batting cage and most recently, the installation of lights. All the while, he has maintained the field meticulously. Those who use World Series Park, including the hometown team Saugus High School Sachems, are treated to a top-notch field, immaculate dugouts and amenities and an overall great atmosphere. World Series Park has hosted everything from Babe Ruth State Tournaments to Special Olympics and Bob’s tireless efforts, all time spent as a volunteer, to provide the best for ballplayers and visitors from around the state, certainly make Bob a fine choice for the Ebbett Award, “Bob Davis is a household word in Saugus and throughout the North Shore region for all he has done to help create then grow World Series Park into the showcase ballpark that it has become,” said Coach Steve Freker, who was head coach of Saugus High from 20142016, and who serves as Executive Secretary-Treasurer of Mass, Baseball Coaches Association (MBCA). Coach Freker nominated Bob for the Ebbett Award in November and Mr. Davis was a unanimous selectee.
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