The Child Tax Credit will be too low for millions of American households for the 2022 tax year.
That’s because Congress didn’t extend the higher child tax credit amount, which means the child tax credit (CTC) would drop back to $2,000 per child.
How do you apply?
To receive the 2022 Child Tax Credit payment, families will have to wait until next year’s tax season.
Internal Revenue Service (IRS) Said families can claim CTC by entering the number of children and dependents in your Form 1040 tax return.
Are you eligible?
If you have a child under the age of 18 with a Social Security number, you qualify for the Child Tax Credit.
In 2022, the tax credit can be refunded up to $1,500, an increase from $1,400 in 2020 due to inflation.
Depending on your income, you must have earned income of at least $2,500 to be eligible for a refund.
If your modified adjusted gross income (MAGI) is less than $200,000 for single filers, you may qualify for the full $2,000 child tax credit.
For joint filers, it is $400,000.
After that, the credit will be reduced by $50 for every $1,000.
When will you see the money from the IRS?
To see your money fast next year, the IRS suggests filing electronically.
Most refunds are received in about three weeks.
Filed paper returns can take six to eight weeks.
After you file, you can check the status of your refund by visiting IRS.gov and clicking on “Where’s my refund?”,
The status of your refund will be available within 24 hours after the IRS accepts your e-filed tax return.
If you have filed a paper return, it can take up to four weeks after mailing it.
we explain Best ways to use your Child Tax Credit.
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