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Updates on Child Tax Credit 2023; Here’s What You Should Know

Child Tax Credit
Updates on Child Tax Credit. (Photo: IRS)

In 2022, many families in the United States faced financial difficulties due to a global financial crisis caused by Russia’s invasion of Ukraine and which resulted in economic sanctions.

Child Tax Credit

Updates on Child Tax Credit. (Photo: IRS)

Child Tax Credit Amidst War

The rise in gas prices has affected households across the country, and while the U.S. is recovering from the effects of the pandemic and war, many citizens still need financial support, according to a published report in MARCA.

To help struggling families, eligible households have been able to claim the Child Tax Credit, which provides a tax break for families with qualifying children. The credit can be claimed for each qualifying child with a valid Social Security number for employment in the US.

The maximum amount of the Child Tax Credit that can be claimed per qualifying child this year is $2,000 for children five and under and $3,000 for children aged six to 17. Unlike in 2022, taxpayers cannot receive a portion of the credit in advance.

READ ALSO: Child Tax Credit 2023: Maximum Amount Claimable Per Eligible Child

How Much Will You Receive in Child Tax Credit?

It’s important to note that the amount of the Child Tax Credit awarded per child will not be increased in 2023, meaning the maximum amount that can be claimed per qualifying child is $2,000, with up to $1,540 being refundable.

To be eligible for the full amount of the credit, the child or dependent must be under 17 years old, have lived with you for more than half the year, and be properly claimed as your dependent on your tax return. Additionally, your annual income should not exceed $200,000 or $400,000 if you are filing a joint return.

READ ALSO: How Much Is The Child Tax Credit And Who Is Qualified To Get It

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