Understanding the 2022 Child Tax Credits – Family Issues Online
The video provides an overview of child tax credits and also explains how you should do to submit the tax credit.
The tax credit for children’s first year includes $2,000 and an amount of $3,600 available for children under six years old, and $3,000 for children six to 17. The amount is reduced when you’ve received an advance child tax credit during the last year.
The tax credit is available to parents and grandparents who stayed for at least six months their child, and were primary caregivers. Based on marital status the requirements for income may differ.
Parents who are single and couples with incomes below $112,500 are eligible. In the case of everyone else, the income limit is $75,000 or less. Parents earning more can receive a less tax credit or none at all.
To learn more, go to IRS.gov There are pages providing the guidelines and eligibility for tax credits to children. Additionally, you can use the income calculators to figure out the eligibility criteria and how much.
To learn more about child tax credits To learn more about tax credits for children, follow the link for the video.