Now that tax season has arrived, it’s easy to become overwhelmed by all of the forms and applications. However, USA TODAY has you covered with a series of stories and tips that should make filing a little easier.
Depending on your income level, you may be eligible for a slew of new tax credits and deductions as a parent or guardian.
Here’s what you need to know about the Child Tax Credit this tax season and whether you qualify for it.
What is the amount of the Child Tax Credit in 2023?
The maximum tax credit per qualifying child is $2,000 for children under the age of five, and $3,000 for children aged six to seventeen. Furthermore, unlike last year, you cannot receive a portion of the credit in advance.
What people are eligible for the Child Tax Credit?
To be eligible for the Child Tax Credit, you must meet a number of criteria. The first requirement is that you be a parent or 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 under the age of 17. Other requirements include:
They are your child, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or descendant (such as a niece, nephew or grandchild).
They contribute no more than half of their own funds during the year.
They’ve been with you for over half a year.
They are properly claimed on your tax return as a dependent.
They do not file a joint return for the tax year with their spouse, or they file it only to claim a refund of withheld income tax or estimated tax paid.
They are either a US citizen, a US national, or a US resident alien.
You are eligible for the Child Tax Credit as a parent or guardian if your adjusted gross income is less than $200,000 when filing separately or less than $400,000 when filing jointly with a spouse.
How do I apply for the Child Tax Credit?
The Child Tax Credit can be obtained by listing your children and other dependents on a 1040 form, which is the U.S. individual income tax return. Schedule 8812 must also be completed for qualifying children and other dependents.