Current:Home > InvestHow much is the child tax credit for 2023? Here's what you need to know about qualifying. -BeyondProfit Compass
How much is the child tax credit for 2023? Here's what you need to know about qualifying.
View
Date:2025-04-27 12:57:12
Tax season is here. With all the forms and applications you need to fill out, it's easy to get confused. But USA TODAY has got you covered with a series of stories and tips that will hopefully make filing a little less complicated.
If you're a parent or guardian, filing can be more complicated than when it was just a return for yourself or a joint filing with a spouse. You may qualify for a slew of new tax credits and deductions depending on your income level.
Here is what you should know about the child tax credit for this year's tax season and whether you qualify.
Tax credit per child for 2023
The maximum tax credit per qualifying child is $2,000 for children under 17. For the refundable portion of the credit (or the additional child tax credit), you may receive up to $1,600 per qualifying child.
Who qualifies for the child tax credit?
There are several requirements to qualify. The first is you must be a parent or guardian who is filing taxes in 2024.
For your child or dependent to qualify, they must have a Social Security number that is valid for employment in the U.S., according to the IRS. They must be under 17 years old at the end of the year.The other requirements are:
- They are your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, step-sibling or descendant (such as a niece, nephew or grandchild).
- They provide no more than half of their own financial support during the tax year.
- They have lived with you for more than half the tax year.
- They are properly claimed as your dependent on your tax return.
- They do not file a joint return with their spouse for the tax year, or they file it only to claim a refund of withheld income tax or estimated tax paid.
- They are a U.S. citizen, U.S. national or U.S. resident.
The value of the child tax credit and additional tax credit decreases if the parent or guardian's gross income is more than $200,000 when filing individually, or more than $400,000 if filing a joint return with a spouse.
The additional tax credit cannot be given to those who file a Form 2555 or Form 2555-EZ, excluding foreign earned income.
How to claim the child tax credit?
You can receive the Child Tax Credit by listing your children and other dependents on a 1040 form, which is the U.S. individual income tax return. You must alsocomplete a schedule 8812, which is or credits for qualifying children and other dependents.
veryGood! (8)
Related
- 'We're reborn!' Gazans express joy at returning home to north
- UNC Chapel Hill shooting suspect found unfit to stand trial, judge rules
- Oakland baseball will not die! City announces expansion team in Pioneer Baseball League
- Below Deck Mediterranean: The Fates of Kyle Viljoen and Max Salvador Revealed
- Former longtime South Carolina congressman John Spratt dies at 82
- Panthers fire Frank Reich after 11 games and name Chris Tabor their interim head coach
- China warns Australia to act prudently in naval operations in the South China Sea
- COVID variant BA.2.86 triples in new CDC estimates, now 8.8% of cases
- Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
- Cyber Monday is the biggest online shopping day of the year — thanks to deals and hype
Ranking
- Trump invites nearly all federal workers to quit now, get paid through September
- Bears outlast Vikings 12-10 on 4th field goal by Santos after 4 interceptions of Dobbs
- How should you get rid of earwax? Experts say let your ears take care of it.
- Nationwide curfew declared in Sierra Leone after attack on army barracks in capital city
- A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
- US tells Israel any ground campaign in southern Gaza must limit further civilian displacement
- 14-year-old boy charged with murder after stabbing at NC school kills 1 student, injures another
- See Morgan Wade Make Her RHOBH Debut After Being Stalked by Kyle Richards
Recommendation
Meta releases AI model to enhance Metaverse experience
With suspension over, struggling Warriors badly need Draymond Green to stay on the court
NHL's first-quarter winners and losers include Rangers, Connor Bedard and Wild
With suspension over, struggling Warriors badly need Draymond Green to stay on the court
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
Miley Cyrus Returns to the Stage With Rare Performance for This Special Reason
Alex Murdaugh, already convicted of murder, will be sentenced for stealing from 18 clients
How much should you tip? How about nothing? Tipping culture is out of control.