Never build soffits from 1x4s or 2x2s, always use construction grade 2x4s as a minimum. The trouble with the lighter stuff is it is harder to nail/screw to.., and it never seems to stay put when you try to apply drywall, and a 2x2 doesn't have a span rating for 4' or drywall. Pay attention to this advice and build on 24" centers minimum, or a few years after your work is done, it'll all start to sag.