Child Tax Credit Update for 2022 Tax Returns

From the IRS Website:

 

Without further extensions the Child Tax Credit (CTC) will return to normal levels and can only be claimed when filing your tax return, versus advance fully refundable payments provided during the pandemic years. 

The child tax credit (CTC) will reset to at $2,000 per child in 2022 and 2023. See the section below for the latest income thresholds for getting the full CTC payment, which is based on earned income and qualifying child criteria. 

Families must have at least $2,500 in earned income to claim any portion of the credit and can receive a refund worth 15 percent of earnings above $2,500, up to $1,500 per child (referred to as the Additional CTC). The refundable portion will increase to $1,600 in 2023.

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