You may be eligible to claim the Child Tax Credit even if you are not required to file a tax return, but you must do so in order to do so.
Beginning on January 23, 2023’s tax filing season is already well underway. The majority of taxpayers have until April 18, 2023, the statutory deadline to file their 2022 tax returns.
However, those who need more time can request an extension, which will give them an additional six months to put their affairs in order.
Child Tax Credit 2023
Refunds are already being issued to the millions of Americans who have already made their declarations. People who are exempt from filing tax returns may nevertheless be paying taxes that are in excess of what they owe, which could be recovered by filing a tax declaration.
These taxpayers would often be qualified to use Free File programs through the IRS to submit a tax return electronically for no charge. The internet tools guide tax filers through their eligible tax credits.
The IRS advises taxpayers to file electronically in order to have their tax returns processed more quickly. They also advise using direct deposit to receive refunds more quickly.
The credit is partially refundable, so you might be able to claim that portion of it and get a tax refund even though you don’t owe the government any money right now.
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What Are The Requirements?
The child tax credit is still present even though it has returned to its previous levels. You and your kids must meet a variety of standards before the IRS will permit you to claim the tax credit, such as:
- Married couples must earn no more than $400,000, while everyone else must earn no more than $200,000 (single taxpayers and heads of households). Each $1,000 of income above the cutoff reduces your credit amount by $50.
- Each eligible kid must be a citizen or lawful permanent resident of the United States and possess a valid Social Security number.
- The child belongs to one of the following groups: legally recognized children, stepchildren, foster children, siblings, half-brothers, half-sisters, or anyone descended from one of these groups (such as a grandchild, niece or nephew).
- In the previous year, you were responsible for at least half of the child’s financial support.
- At least half of the child’s financial support during the past year came from you.
- On your tax return, you must list the child as a dependent.
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