I have a mutual fund investment that has lost a significant sum in 2022 so far and I'm wondering how that will impact my 2022 taxes. help me understand?

Until you sell the mutual fund shares you own  the loss in value is not recognized.  Now if you mean the mutual fund has losses within the fund then those are not passed thru to the shareholders ... they are retained by the fund. 

Until you sell the mutual fund shares you own  the loss in value is not recognized.  Now if you mean the mutual fund has overall net losses due to their investment activities   within the fund then those are not passed thru to the shareholders ... they are retained by the fund. 

@susan-stasny - there is no impact unless you sell the shares.

REALIZED losses impact your tax return.  UNreaslized losses do not.  

and I am assuming this mutual fund is not in an IRA; in that case even if you sell the mutual fund, it has no impact on your taxes. 

if you do decide to sell to take advantage of the loss there are several things to know. while your fund may have lost money ( it is worth less than your tax basis), capital gains and losses are netted. the maximum net capital loss that can be deducted on your 1040 in any one year is $3,000.   should you sell some or all shares and realize a net loss and then repurchase the same fund or a substantially similar fund within 31 days you will be subject to the wash sale rules which will result in you not being able to deduct the losses on the original sale.      if you sell only some shares and you have a dividend reinvestment program, those reinvested dividends can create wash sale losses.