The tax season’s numerous forms and applications can be difficult to comprehend. a list of suggestions that will facilitate the filing of documents.
Depending on your income as a parent or guardian, you may be eligible for a variety of new tax credits and deductions.
Here is what you need to know about the Child Tax Credit for this year’s tax season and whether or not you qualify.
Child tax credit for 2023
The maximum tax credit per qualifying child is $2,000 for children under 5 and $3,000 for children aged 6 to 17. Additionally, unlike last year, you cannot receive a portion of the credit in advance.
Who qualifies for the Child Tax Credit?
There are several eligibility requirements for the Child Tax Credit. The first requirement is that you must be a parent or legal guardian filing taxes in 2023.
According to the IRS, your child or dependent must have a Social Security number that is valid for employment in the United States in order to qualify. They must be less than seventeen years of age. The additional requirements are:
- The individual is your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, half-sister, or descendant (such as a niece, nephew, or grandchild).
- They provide no more than fifty percent of their own financial support annually.
- They have resided with you for more than six months.
- They are properly claimed on your tax return as a dependent.
- They do not file a joint return with their spouse for the tax year, or they file it solely to claim a refund of income tax withheld or estimated tax paid.
- They are a citizen, national, or resident alien of the United States.
You are eligible for the Child Tax Credit as a parent or guardian if your adjusted gross income is less than $200,000 if you file as an individual or less than $400,000 if you file as a married couple.
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How to claim the Child Tax Credit?
You can claim the Child Tax Credit by including your children and other dependents on your Form 1040, which is the individual income tax return for the United States. Additionally, you must complete Form 8812 for qualifying children and other dependents.
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