What is the Child Tax Credit?

Modified on Sun, 05 Feb 2023 at 08:06 PM

The Child Tax Credit is a federal benefit that can help Americans with children or dependents under 17. For tax year 2022, you can claim up to $2,000 per dependent with this credit. Up to $1,500 may be refundable (which means you can receive it through a tax return).

Also known as the CTC, the Child Tax Credit is available for taxpayers with children or dependents. To qualify your dependent must meet the following criteria:

  • Are US citizens, nationals, or resident aliens
  • Are under 17 by the end of 2022
  • Are related to the taxpayer
  • Are the taxpayer’s dependent
  • Lived with the taxpayer for at least half of 2022
  • Received more than half of their support in 2022 from the taxpayer

The last requirement is based on income. Depending on how much you make you may qualify for all, some, or none of the CTC benefits.

For 2022, you can claim up to $2,000 per dependent if you have an modified adjusted gross income of $200,000 or less (for single filers) or $400,000 or less (for married, joint filers). How much you’ll receive varies by your income level.

As of 2022, there are no more advanced Child Tax Credit payment options. Additionally, the expanded Child Tax Credit payments have reverted back to their original amounts.

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