![]() ![]() The child doesn’t file a joint return with anyone else, unless the only reason they file a return is to claim a refund of taxes withheld or estimated taxes paid.The child lived with you for more than half of the year.The child doesn’t provide more than half of their own support.The child is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, grandchild, niece, or nephew.The child is younger than age 17 at the end of the tax year.The Child Tax Credit is worth up to $2,000 for each child who meets the following requirements: Understanding the Additional Child Tax Credit begins with the standard Child Tax Credit (CTC). Fortunately, the Additional Child Tax Credit (ACTC) gives parents a chance not only to lower their tax bill to help offset these costs, but also to potentially put more money back in their pockets. Department of Agriculture, it costs roughly $233,000 to cover food, housing, transportation, health care, clothing, child care, education, and everything else a child needs to thrive from birth through age 17. If you qualify, complete Schedule 8812 to claim the Additional Child Tax Credit. To determine whether you’re eligible to claim the Additional Child Tax Credit, fill out the Child Tax Credit Worksheet in the Form 1040 instructions.The Additional Child Tax Credit allows you to receive up to $1,500 of the $2,000 CTC per child as a refund for 2022.If you owe less than $2,000 in taxes, you don’t get any unused portion of the credit back as a refund. The CTC can only reduce your tax to zero.The standard Child Tax Credit (CTC) provides up to $2,000 in tax reductions for each child who meets qualifying requirements. ![]()
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