The tax season of 2023 is already here, and it always brings with itself some form of confusion as to what forms one should fill to receive the child tax credit payment.
In order to make it a little easier, there are several solutions one can use. As a parent or a guardian, one would be eligible for the various tax credits and deductions that have been conveniently placed based on one’s income. For the current year, the maximum CTC payment per qualifying child is a sum of $2000 for children under the age of 5, and a sum of $3000 for children who are between the ages of 6 to 17. It is important to note that the advance payment option, which was available in previous years, will not be available for this current tax season.
Receiving A Child Tax Credit Payment
In order to be eligible for the Child Tax Credit payment in 2023, one has to be a parent or a guardian filing taxes. Also, one’s child or dependent should be meeting some of the requirements. First, they would need to have a valid social security number for purposes of employment in the United States. They should also be under the age of 17. They should be related to you as a son, daughter, eligible foster child, stepchild, brother, sister, stepsister, stepbrother, half-brother, half-sister, or descendant. They should also be receiving less than half of their own financial support that they received throughout the year.
In order to receive the Child Tax Credit payment as a guardian or parent, one would have to meet the income requirements of having an adjusted gross income of under $200,000, when they file individually, or a sum of $400,000 when they are filing a joint return with a spouse.