Based on information gathered by the US Census, a number of the most effective anti-poverty initiatives in recent memory, the increased child tax credit, helped over two million kids escape poverty. In addition to giving each child a larger sum of money, the larger credit also added advance monthly installments and made the money entirely transferable.
The US government, yet, didn’t manage to reach an agreement on continuing the enhanced child tax credit past 2021. The child tax credit returns to pre-pandemic levels for the 2022 tax year, which matches the tax return that is scheduled on April 18, 2023.
Find out how the child tax credit functions in 2023 and the amount you might receive.
What will the child tax credit be worth in 2023?
On December 31, 2022, the maximum tax credit a child will return to its pre-expansion amount of $2,000 for every child below the age of 17.
