How do I claim the 2022 child tax credit?

THE Child Tax Credit can be an excellent source of relief for millions of families across the country.

However, the changes are expected to take effect in 2022, meaning the benefit will be different compared to last year.

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The child tax credit program will return to its initial maximum payments of $2,000

In an effort to help struggling families, Washington temporarily extended the child tax credit to $3,600 in 2021.

From July to December, the Internal Revenue Service (IRS) paid half of the total child tax credit amount in monthly advance payments.

Beneficiaries then claimed the other half when filing their 2021 tax returns.

But because Congress failed to extend it, the advance payments expired in December.

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Either way, families in need can still claim the Child Tax Credit, it will just be a little different from last year.

Specifically, the child tax credit should be $2,000, the maximum amount you can claim on your tax return.

How to apply?

To receive payments for 2022, families must wait until next year’s tax season.

According to the IRS, you can claim the Child Tax Credit by listing your children and other dependents on Form 1040 – your tax return.

Also, attach a completed Schedule 8812, Credits for Eligible Children and Other Dependents.

Am I eligible?

Taxpayers can claim the credit for each qualifying child under age 18 with a Social Security number.

In 2022, the tax credit could be refundable up to $1,500, an increase from $1,400 in 2020 due to inflation.

Depending on your income, you must have earned an income of at least $2,500 to be eligible for the refund.

You may qualify for the $2,000 Child Tax Credit if your Modified Adjusted Gross Income (MAGI) is less than $200,000 for single filers.

For joint filers, it’s $400,000.

After these thresholds, the credit will be reduced by $50 for every $1,000.

The IRS offers an interactive tax wizard to check if you qualify.

Other tax credits

According to the IRS, if you qualify for the child tax credit, you may also qualify for the following:

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For more on how you can get cash, millions are in line for $350 inflation checks if a proposal gets the green light.

Additionally, a new Universal Basic Income plan aims to give families $500 a month – who would qualify.

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