$2,000 Child Tax Credit 2022: who is eligible for payment?

The monthly Child Tax Credit payments would be a crucial aid as inflation crushes family finances.

But now it's back to how it was before the upgrade.

In 2022, the IRS will once again give the Child Tax Credit on the terms it did before to the American Rescue Plan's expansion.

 If Congress doesn't move to amend the credit before then, these adjustments will remain in place until the fiscal year 2025.

The money will be given out in the form of a single tax credit, which will either lower the recipient's tax bill or boost their tax refund.

This is a significant difference from previous year, when many families benefited from getting the credit in monthly installments from July to December.

A credit of up to $2,000 per kid will be available to taxpayers with qualifying children.