The maximum you can claim is $3,000 for one child under 13 or a dependent with disabilities, or $6,000 for two or more. Depending on your circumstances, you can declare 20% to 35% of your childcare expenses. If you paid for childcare, you may also qualify for the child and dependent care credit. (To see if you qualify for the additional child tax credit, fill out the worksheet for IRS Form 8812.) You may still be able to claim the additional child tax credit, which refunds up to $1,500 per child. Meaning, if your tax liability exceeds what you get from the credit, you forfeit the difference. Unlike last year, the child tax credit is once again nonrefundable. What if the credit is more than what I owe in taxes? You can claim the child tax credit by entering your eligible children on your Form 1040 and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents. "So you might see some discontinuity on some sites." How do I claim the child tax credit? There was some surprise it didn't happen," Steber told CNET. "Toward the end of last year, there was an expectation the expansion of the child tax credit would be continued. Mark Steber, chief tax information officer at Jackson-Hewitt, says many government sites keep historical information live "for people playing catch-up with their taxes." Note: If you search online for information on the child tax credit, you may come across details on the 2021 expanded tax breaks, so double-check that you're viewing the most recent information. The child tax credit is phased out completely at $240,000 for individuals and $480,000 for married couples filing jointly. For example, a MAGI of $210,000 as an individual would allow you to claim $1,500 for each eligible child. If your MAGI is higher than the income limits, the amount of child tax credit you receive will decrease $50 for every $1,000 above the limit. Go to the IRS website for more information. You are a US citizen or resident alien.You are claiming them as a dependent on your tax return.They have lived with you for over half the year.They have contributed no more than half of their own financial support in the relevant tax year.They are your legally recognized child, stepchild, foster child, sibling, half-brother or half-sister, or a descendant of one of these categories (like a grandchild or niece or nephew).They have a valid Social Security number.The child you're claiming the credit for was under the age of 17 on Dec.You have a modified adjusted gross income, or MAGI, of $200,000 or less, or $400,000 or less if you're filing jointly.To be eligible for the tax break for tax year 2022, you and your family must meet these requirements: Who is eligible for the child tax credit?
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