Child Tax Credit 2023 Payment Schedule, Monthly Payment, DatesEdited by: KIRUTHIKA
Child Tax Credit: The Child Tax Credit is a tax credit that insists families with children financially. In 2021, the resulting in a higher credit amount, broader qualifying conditions, and a monthly payment structure. The maximum Child Tax Credit amount is $3,600 for children under six and $3,000 for children from six to seventeen.
The higher-income families may opt out of receiving monthly payments out of credit. Children above 18 can qualify for the tax. The Child Tax Credit 2023 Payment Schedule, Monthly Payment, and Dates will be issued on the 15th of each month.
Child Tax Credit – How it Works
Here is how the credit works the steps are given below,
Credit amount: The maximum Child Tax Credit amount is $3,600 per child under the age of six and $3,000 per child between the ages of six and 17.
Monthly payments: The credit increased in 2021, monthly payments were paid in advance from July 15 to December 15. For 2023, the monthly payments will become available on the 15th.
Eligibility criteria: Child Tax Credit Eligibility, is a child who is under the age of 18, enrolled in college full-time, or has a disability.
Claiming the credit: To get the credit, you must file a tax return with the IRS. You can get the credit using IRS Form 8812, Additional Child Tax Credit.
Refundable credit: The Child Tax Credit is refundable, which means you do not owe any taxes. The refundable amount of the credit is up to $1,400 per child.
Eligibility For Child Tax Credit 2023
The eligibility criteria for the Child Tax Credit in 2023 list are given below:
- Must have a qualifying kid under 18, enrolled in college full-time, or is handicapped.
- The credit gets the phase-out begins at $150,000 for married couples filing jointly, $112,500 for heads of household, and $75,000 for all other taxpayers.
- Must have a valid SSN for yourself, your spouse (if filing jointly), and each qualifying child.
- To be eligible for the Child Tax Credit, you must submit a tax return to the IRS.
To Claim Child Tax Credit 2023
The steps to claiming the credit are as follows:
- Check you qualify for the Child Tax Credit in 2023, having a qualifying kid under 18 attending college full-time.
- The kid who is claiming the Child Tax Credit must have a valid SSN.
- The eligible kid must submit a tax return to the IRS, even if you are exempt from filing taxes.
- When submitting your tax return, use IRS Form 8812, Additional Child Tax Credit, to claim the credit.
- If you are eligible for the Child Tax Credit, it will reduce your tax liability or increase your refund.