$2,000 Child Tax Credit 2022: who is eligible for payment?
This year the Child Tax Credit will revert back to the program offered by the IRS before the American Rescue Plan expanded it in 2021.
For 2022 the credit will be worth up to $2,000 per child
, with the money to be distributed in the form of a single end of year tax credit.
This will either reduce the size of the recipient’s tax bill or increase their tax refund.
Children must be aged 17 or younger to be eligible for the support
, and the household income cannot exceed $112,500 (single filer) or $150,000 (couple filing jointly) to receive the full amount.
Child Tax Credit program was expanded substantially last year
President Biden’s massive $1.9 trillion relief package was designed to provide financial support for American families and the boosted Child Tax Credit was one of the most effective measures.
The temporary expansion
upped the total amount on offer to $3,000/$3,600 per child
, nearly doubling the previous maximum entitlement.
. It also made the credit fully refundable, ensuring that even low-income households would be able to receive the full value of the credit.