I found a couple of articles from SmartAsset and NerdWallet on Child Tax Credits for the 2022 tax season. This year there are some substantial changes compared to last year’s credits. Enjoy the articles and I will be happy to discuss the pros and cons for you when we review your 2022 Tax Returns with you this season.
Source: SmartAsset | Repost RE Donica & Associates 1/25/2023 –
f you have children or other dependents under the age of 17, you likely qualify for the Child Tax Credit. In 2021, it was temporarily expanded as part of the American Rescue Plan, which was signed by President Biden in March of that year to help families deal with the financial hardships stemming from the COVID-19 pandemic. There are a number of income limits you should know about when planning how much you’ll receive.
What Is the Child Tax Credit?
The Child Tax Credit (CTC) is designed to give an income boost to the parents or guardians of children and other dependents. The American Rescue Plan temporarily increased the CTC for tax year to help filers cope financially with the pandemic. Half of those tax credit increases were delivered through automatic monthly payments and the remaining balance was available through 2021 tax returns filed by November 17, 2022.