This story is a part of Taxes 2023, CNET’s protection of the most effective tax software program, tax ideas and every thing else you could file your return and observe your refund.

The kid tax credit score was drastically elevated final yr by the American Rescue Plan, offering dad and mom with lots of of {dollars} extra for every eligible youngster.

It additionally broadened the age of eligible dependents, launched advance month-to-month funds and allowed households that paid little or no federal revenue tax to obtain cash.

The one-year enlargement, which value about $100 billion, lifted over 2 million kids out of poverty, in response to census knowledge.

However these enhancements have expired, and the standards and advantages for the kid tax credit score have largely returned to their pre-pandemic requirements.

How a lot is the kid tax credit score in 2023?

The utmost tax credit score out there per youngster has reverted to its pre-expansion stage of $2,000 for every youngster below 17 on Dec. 31, 2022. 

For tax yr 2021, the expanded youngster tax credit score was $3,600 for kids 5 and below and $3,000 for kids ages 6 to 17. That’s not the case. (The age requirement was additionally briefly prolonged to below 18 on Dec. 31. However that is gone, too.)  

Can I declare the kid tax credit score?

To be eligible for the tax break for tax yr 2022, you and your loved ones should meet these necessities:

• You may have a modified adjusted gross revenue, or MAGI, of $200,000 or much less, or $400,000 or much less for those who’re submitting collectively.
• The kid you are claiming the credit score for was below the age of 17 on Dec. 31, 2022.
• They’ve a sound Social Safety quantity.
• They’re your legally acknowledged youngster, stepchild, foster youngster, sibling, half-brother or half-sister, or a descendant of certainly one of these classes (like a grandchild or niece or nephew).
• They’ve contributed not more than half of their very own monetary help within the related tax yr.
• They’ve lived with you for over half the yr.
• You might be claiming them as a dependent in your tax return.
• You’re a US citizen or resident alien.

Go to the IRS web site for extra data.

Word: Should you search on-line for data on the kid tax credit score, you might come throughout particulars on the 2021 expanded tax breaks, so double-check that you just’re viewing the latest data.

Mark Steber, chief tax data officer at Jackson-Hewitt, says many authorities websites maintain historic data reside “for individuals taking part in catchup with their taxes.” 

“Towards the top of final yr, there was an expectation the enlargement of the kid tax credit score can be continued. There was some shock it did not occur,” Steber instructed CNET. “So that you may see some discontinuity on some websites.”

How do I declare the kid tax credit score?

You’ll be able to declare the kid tax credit score by getting into your eligible kids in your Kind 1040 and attaching a accomplished Schedule 8812, Credit for Qualifying Kids and Different Dependents. 

What if the credit score is greater than what I owe in taxes?

In contrast to final yr, the kid tax credit score is as soon as once more nonrefundable. Which means, in case your tax legal responsibility exceeds what you get from the credit score, you forfeit the distinction.

You should still have the ability to declare the extra youngster tax credit score, which refunds as much as $1,500 per youngster. (To see for those who qualify for the extra youngster tax credit score, fill out the worksheet for IRS Kind 8812.)

Should you paid for childcare, you may additionally qualify for the kid and dependent care credit score. Relying in your circumstances, you’ll be able to declare 20% to 35% of your childcare bills.

The utmost you’ll be able to declare is $3,000 for one youngster below 13 or a dependent with disabilities, or $6,000 for 2 or extra. 

You need to have some earned revenue to qualify for this credit score, and the care cannot have been offered by a partner or member of the family.

Different federal revenue tax breaks out there to households embrace adoption credit, schooling credit and the earned revenue tax credit score.

Is there a state youngster tax credit score?

A dozen states — California, Colorado, Connecticut, Idaho, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oklahoma and Vermont — have some type of tax credit score that advantages households, in response to the Nationwide Convention of State Legislatures. And plenty of others are contemplating implementing the tax break.

Necessities and advantages range, so examine together with your state tax portal for particulars.

For extra tax ideas, discover out when you’ll be able to count on your refund, and get the lowdown on some shocking deductions.

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