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: NerdWallet | Repost RE Donica & Associates 1/25/2023 –
The child tax credit is a federal tax benefit that plays an important role in providing financial support for American taxpayers with children. People with kids under the age of 17 may be eligible to claim a tax credit of up to $2,000 per qualifying dependent when they file their 2022 tax returns in 2023. $1,500 of that credit may be refundable
We’ll cover who qualifies, how to claim it and how much you might receive per child.
What is the child tax credit?
The child tax credit, commonly referred to as the CTC, is a tax credit available to taxpayers with dependent children under the age of 17. In order to claim the credit when you file your taxes, you have to prove to the IRS that you and your child meet specific criteria.
You’ll also need to show that your income falls beneath a certain threshold because the credit phases out in increments after a certain limit is hit. If your modified adjusted gross income exceeds the ceiling, the credit amount you get may be smaller, or you may be deemed ineligible altogether.