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Child Tax Credit. More families qualify for the child tax credit, with its higher household income limit of $200,000 ($400,000 for married couples). Families receive up to $2,000 per qualifying child.
The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
The changes for 2023 are focused on providing more money and increased access to the child tax credit for lower income families. ... and 2025 to use earned income from the prior taxable year in ...
Families qualify for the full credit if their 2021 adjusted gross income was at or below $150,000 for married couples filing a joint return, or $75,000 for single-filer parents. ... Guam or the U ...
The ups and downs of the credit in recent years have had a significant impact on families, with the child poverty rate hitting a historic low of 5.2% in 2021 during the highest level for the credit.
In 2021, the Child Tax Credit increased from $2,000 per child to $3,000 per child for children ages 6 to 17 and $3,600 per child for children under 6. The plan also raised the age limit from 16 to 17.
Those who received $3,600 per dependent in 2021 for the Child Tax Credit will, if eligible, get $2,000 for the 2022 tax year. ... All income, including part-time work, side gigs or the sale of ...
In 2021 alone, the temporary child tax credit helped child poverty decrease by 46%, lifting 716,000 Black, 820,000 white, and 1.2 million Latino children and families out of poverty.