It might be simple to become with all the applications and lists of criteria now that tax season has here. However, we have you prepared with a selection of articles and advice that should make filing somewhat simpler. Depending on your income level, you may be eligible for a variety of recent tax benefits and deductions as a parent or guardian.
The following information will help you determine your eligibility for the Child Tax Credit for the current tax season.
Child Tax Credit For 2023
For children aged 5 and under, the highest credit for Child Tax Credit is $2,000; for children aged 6 to 17, the highest tax credit is $3,000. Additionally, unlike last year, you cannot obtain a piece of the check in advance.
For Whom Is The Child Tax Credit Available?
The Child Tax Credit is subject to several restrictions. First, you have to be a guardian or parent who filed taxes this year. According to the IRS, your kid or dependant is required to have Social Security digits that would be valid for a job in the United States to be eligible. They have to be under the age of 17. The other needs are:
- They’re your children by blood, by marriage, or through adoption who meets the requirements, siblings, step-siblings, or descendants (like nephews, nieces, or grandchildren).
- They do not contribute more than 50% of their financial help annually.
- It has been six months since they moved in with you.
- On tax rebates, they are duly listed as your dependant.
- They are an American national, American citizen, or American resident alien.
If your AGI as a guardian or parent is below approximately $200k when submitting individually or below around $400k when submitting a return with your partner, you are eligible for the CTC.
