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How Much Is the Child Tax Credit and Who Is Qualified to Get It

The most significant economic initiative in current memory, the American Rescue Plan’s increase in the child tax credit the previous year moved over 2 million kids out of poverty.

The growth not only increased the amount that parents received for every eligible child, but it also increased the age of beneficiaries who qualified, added advance monthly payments, formed the credit refundable, and built it possible for families who paid no or little federal income tax to benefit from it.

The benefits and requirements for the child tax credit have mostly recovered to their pre-pandemic levels now that those improvements have ended. The child tax credit is still among the best methods for families to increase their tax refunds, though.

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

The enhanced child tax credit for the tax year 2021 was $3,600 for children under 5 and $3,000 for kids aged 6 to 17. That’s not the situation anymore. On December 31, the minimum age was unexpectedly raised to 18 or younger.

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