The Child Tax Credit is a tax benefit program that provides eligible taxpayers with a credit for each qualifying child under the age of 18. The credit was expanded for the 2021 tax year under the American Rescue Plan Act (ARPA) and is set to continue for the 2022-2023 tax years.

The 2022-2023 Child Tax Credit is a tax credit that provides eligible taxpayers with up to $3,000 per qualifying child between the ages of 6 and 17, and $3,600 per qualifying child under the age of 6. The credit is fully refundable, which means that taxpayers can receive the full credit amount even if they owe no taxes.

Who is eligible?

To qualify for the 2022-2023 Child Tax Credit, taxpayers must meet the following requirements:

– Have a qualifying child under the age of 18

– Be related to the child (e.g. parent, grandparent, aunt, uncle, etc.)

– Have the child live with them for at least half of the year

– Provide at least half of the child’s financial support

– Have a modified adjusted gross income (MAGI) below certain thresholds:

 – $75,000 for single filers

 – $112,500 for heads of household

 – $150,000 for married taxpayers filing jointly

How to claim the credit?

To claim the 2022-2023 Child Tax Credit, taxpayers must file a tax return for the year in which they wish to claim the credit. They will need to provide the IRS with the name, Social Security number, and date of birth of each qualifying child. The IRS will then use this information to determine the amount of the credit that the taxpayer is eligible to receive.

Taxpayers who are eligible for the credit will receive half of the total credit amount in monthly payments from July to December 2022, with the remaining half claimed on their 2022 tax return. The same payment schedule applies for the 2023 tax year.

If you are unsure about your eligibility for the Child Tax Credit or how to claim it, it’s recommended that you consult with our professional team of accountants at J&R Accounting.