Understanding the 2022 Child Tax Credits
In tax season it’s important to understand all of the changes to various regulations. This video gives an update on child tax credits and tells you what you need to know to successfully file this portion of your taxes.
The initial child tax credit is $2,000, with $3,600 for every child under the age of six, and $3,000 for children six to 17. If you received the advanced child tax credit last year, then this total will be diminished.
Parents and or grandparents that stayed with a child for more than six months and were the primary caregivers are eligible for the tax credit. Income qualifications vary based on marital status.
Married couples earning under $150,000 qualify, as do single parents with income under $112,500. The income maximum is $75,000 and under for everyone else. Parents with higher income may receive a diminished tax credit or none at all.
Go to IRS.gov for more information. They have pages dedicated to outlining the rules and eligibility for child tax credits. You can also use income calculators to figure out if you qualify and for how much.
To learn more about child tax credits, click on the link to the video above.