What Will The Child Tax Credit Be Worth In 2023? Clarifications About Qualifying Is Provided Here

Tax Credit
Tax Credit

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.