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How Much Is the Child Tax Credit and Who Is Eligible

Some of the largest economic benefits to Americans in current times was the increased child tax credit. In addition to increasing the amount given to households for every eligible kid, it also increased the age of dependents who qualified, added early monthly payouts, made the credit recoverable, and made it possible for households who paid less to no federal income tax to benefit from it.

As per records from the US Census, the vast tax benefit ultimately helped over two million kids escape poverty.

However, those improvements have since expired, and the requirements and advantages of the child tax credit have essentially recovered to their pre-pandemic levels.

Find out how the child tax credit acts and the amount of money users might receive in 2023.

What will the child tax credit be worth in 2023?

On December 31, 2022, the maximum tax credit for every child will return to its pre-expansion amount of $2,000 for every kid under the age of 17.

The enhanced child tax credit has been $3,600 for kids below five and $3,000 for kids aged six to seventeen for the budget year 2021. That was no longer the situation. (On December 31, the minimum age too was subsequently raised to below 18. Nevertheless, even that is also lost.)

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