Child Tax Credit And Everything You Need To Know About It In 2023

Child Tax Credit
Child Tax Credit

A lot of the American taxpayers have got an upgrade in their Child Tax Credit payments since the pandemic hit the country in 2021. However, parents might receive smaller CTCs this year for their children. Back in 2021, the parents were getting 3.6K USDs for each of their children that were under the age of adulthood, and almost 3KUSDs for others. The season is now gone and the current program is offering even less than the 2K USDs for each dependent under seventeen.

Lisa Niser, a tax advisor have said that the most significant change of 2022 from 2021 is that most of the a year old provisions have now been expired and now for the Child tax credits there will not be advance payments anymore and these amounts will go back to the 2020 levels.

What To Expect From The 2023 Child Tax Credits:

The Child Tax Credits are not going anywhere. However, it is now coming back to their previous levels. There are some requirements that the households and the kids should fill before they can get these tax credits for their children.

These special requirements will be the threshold of income for married couples being 400K USD pa and 200k USD pa for individual taxpayers. The tax credit amounts are reducing to 50USDs for all the 1K USD.

All of the children qualified for the US citizenship should have their valid SSNs to get these payments is another criterion.

The child should be recognized legally as a step child, normal child, foster child, half-brother/sister. Or a descendent of any of these categories to send these checks to these families.

Also, the family should have given at least a year of financial support to the children and a lot more to get these Child tax credit payments from the government.