How much money do you get back for child tax credit
2022-2023 Child Tax Credit: Requirements, How to Claim
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Taxpayers may be eligible for a credit of up to $2,000 — and $1,500 of that may be refundable.
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Tina Orem is an editor at NerdWallet. Prior to becoming an editor, she covered small business and taxes at NerdWallet. She has been a financial writer and editor for over 15 years, and she has a degree in finance, as well as a master's degree in journalism and a Master of Business Administration. Previously, she was a financial analyst and director of finance for several public and private companies. Tina's work has appeared in a variety of local and national media outlets.
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Nerdy takeaways
For tax returns filed in 2023, the child tax credit is worth up to $2,000 per qualifying dependent under the age of 17.
The credit is partially refundable. Some taxpayers may be eligible for a refund of up to $1,500.
The credit amount decreases if your modified adjusted gross income exceeds $400,000 (married filing jointly) or $200,000 (all other filers).
The child tax credit is a federal tax benefit that plays an important role in providing financial support for American taxpayers with children. People with kids under the age of 17 may be eligible to claim a tax credit of up to $2,000 per qualifying dependent when they file their 2022 tax returns in 2023.
$1,500 of that credit may be refundable
We’ll cover who qualifies, how to claim it and how much you might receive per child.
What is the child tax credit?
The child tax credit, commonly referred to as the CTC, is a tax credit available to taxpayers with dependent children under the age of 17. In order to claim the credit when you file your taxes, you have to prove to the IRS that you and your child meet specific criteria.
Internal Revenue Service
. Child Tax Credit.
View all sources
You’ll also need to show that your income falls beneath a certain threshold because the credit phases out in increments after a certain limit is hit. If your modified adjusted gross income exceeds the ceiling, the credit amount you get may be smaller, or you may be deemed ineligible altogether.
Who qualifies for the child tax credit?
Taxpayers can claim the child tax credit for the 2022 tax year when they file their tax returns in 2023.
Generally, there are seven “tests” you and your qualifying child need to pass.
Age: Your child must have been under the age of 17 at the end of 2022.
Relationship: The child you’re claiming must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of those people (e.g., a grandchild, niece or nephew).
Dependent status: You must be able to properly claim the child as a dependent. The child also cannot file a joint tax return, unless they file it to claim a refund of withheld income taxes or estimated taxes paid.
Residency: The child you’re claiming must have lived with you for at least half the year (there are some exceptions to this rule).
Financial support: You must have provided at least half of the child’s support during the last year. In other words, if your qualified child financially supported themselves for more than six months, they’re likely considered not qualified.
Citizenship: Per the IRS, your child must be a "U.S. citizen, U.S. national or U.S. resident alien," and must hold a valid Social Security number.
Income: Parents or caregivers claiming the credit also typically can’t exceed certain income requirements. Depending on how much your income exceeds that threshold, the credit gets incrementally reduced until it is eliminated.
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How much is the 2022 child tax credit?
For the 2022 tax year, the CTC is worth $2,000 per qualifying dependent child if your modified adjusted gross income is $400,000 or below (married filing jointly) or $200,000 or below (all other filers). If your MAGI exceeds those limits, your credit amount will be reduced by $50 for each $1,000 of income exceeding the threshold until it is eliminated.
The CTC is also partially refundable tax credit; that is, it can reduce your tax bill on a dollar-for-dollar basis, and you might be able to apply for a tax refund of up to $1,500 for anything left over.
This partially refundable portion is called the “additional child tax credit” by the IRS.
How to claim the child tax credit in 2023
You can claim the 2022 child tax credit on the federal tax return (Form 1040 or 1040-SR) that you file by April 18, 2023. You’ll also need to fill out Schedule 8812 (“Credits for Qualifying Children and Other Dependents”), which is submitted alongside your 1040. This schedule will help you to figure your child tax credit amount, and if applicable, how much of the partial refund you may be able to claim.
Most quality tax software guides you through claiming the child tax credit with a series of interview questions, simplifying the process and even auto-filling the forms on your behalf. If your income falls below a certain threshold, you might also be able to get free tax software through IRS’ Free File.
When to expect your CTC refund
Per the agency, early filers who selected direct deposit as their refund method, e-filed, and submitted an error-free return should have seen refunds hit their accounts in late February.
If you want to check on the status of your return, you can use the agency's "Where's My Refund" tool.
Internal Revenue Service
. When to Expect Your Refund if You Claimed the Earned Income Tax Credit or Additional Child Tax Credit.
View all sources
Consequences of a child tax credit error
An error on your tax form can mean delays on your refund or on the child tax credit part of your refund. In some cases, it can also mean the IRS could deny the entire credit.
If the IRS denies your CTC claim:
You must pay back any CTC amount you’ve been paid in error, plus interest.
You might need to file Form 8862, "Information To Claim Certain Credits After Disallowance," before you can claim the CTC again.
If the IRS determines that your claim for the credit is erroneous, you may be on the hook for a penalty of up to 20% of the credit amount claimed.
State child tax credits
In addition to the federal child tax credit, a few states, including California, New York and Massachusetts, also offer their own state-level CTCs that you may be able to claim when filing your state return. Visit your state's department of taxation website for more details.
Child tax credit vs. child and dependent care credit
Though similar sounding, the child tax credit and the child and dependent care credit are not the same thing. The child tax credit is a tax incentive for people with children, while the child and dependent care credit is another tax credit for working parents or caretakers designed to help offset expenses such as day camp or after-school care. Both credits have different rules and qualifications.
What is the credit for other dependents?
If your child or a relative you care for doesn't quite meet the criteria for the CTC but you are able to claim them as a dependent, you may be eligible for a $500 nonrefundable credit called the "credit for other dependents.
" The IRS has a tool that can help you to determine if your dependent qualifies.
Internal Revenue Service
. Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents?.
Accessed Mar 14, 2023.
View all sources
History of the child tax credit
Like other tax credits, the CTC has seen its share of changes throughout the years. In 2017, the Tax Cuts and Jobs Act, or TCJA, established specific parameters for claiming the credit that will be effective from the 2018 through 2025 tax years. However, the American Rescue Plan Act of 2021 (the coronavirus relief bill) temporarily modified the credit for the 2021 tax year, which has caused some confusion as to which changes are permanent.
Here's a brief timeline of its history.
1997: First introduced as a $500 nonrefundable credit by the Taxpayer Relief Act.
2001: Credit increased to $1,000 per dependent and made partially refundable by the Economic Growth and Tax Relief Reconciliation Act.
2017: The TCJA made several changes to the credit, effective from 2018 through 2025. This included increasing the credit ceiling to $2,000 per dependent, establishing a new income threshold to qualify and ensuring that the partially refundable portion of the credit gets adjusted for inflation each tax year.
2021: The American Rescue Plan Act made several temporary modifications to the credit for the 2021 tax year only. This included expanding the credit to a maximum of $3,600 per qualifying child, allowing 17-year-olds to qualify, and making the credit fully refundable. And for the first time in U.S. history, many taxpayers also received half of the credit as advance monthly payments from July through December 2021.
2022–2025: The 2021 ARPA enhancements ended, and the credit will revert back to the rules established by the TCJA — including the $2,000 cap for each qualifying child.
Frequently asked questions
Does the child tax credit include advanced payments this year?
The American Rescue Plan Act made several temporary modifications to the credit for tax year 2021, including issuing a set of advance payments from July through December 2021. This enhancement has not been carried over for this tax year.
Is the child tax credit taxable?
No. It is a partially refundable tax credit. This means that it can lower your tax bill by the credit amount, and if you have no liability, you may be able to get a portion of the credit back in the form of a refund.
Is the child tax credit the same thing as the child and dependent care credit?
No. This is another type of tax benefit for taxpayers with children or qualifying dependents. The child and dependent care credit covers a percentage of expenses you made for care — such as day care, certain types of camp or babysitters — so that you can work or look for work.
I had a baby in 2022. Am I eligible to claim the child tax credit when I file in 2023?
If you also meet the other requirements, yes. You'll also need to make sure your child has a Social Security number by the due date of your 2022 return (including extensions).
About the authors: Sabrina Parys is a content management specialist at NerdWallet. Read more
Tina Orem is an editor at NerdWallet. Before becoming an editor, she was NerdWallet's authority on taxes and small business. Her work has appeared in a variety of local and national outlets. Read more
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Tax Credits vs. Tax Deductions
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So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
Tax deductions reduce your taxable income, but tax credits reduce your bill dollar for dollar.
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Assistant Assigning Editor | Taxes, small business, retirement and estate planning
Tina Orem is an editor at NerdWallet.
Prior to becoming an editor, she covered small business and taxes at NerdWallet. She has been a financial writer and editor for over 15 years, and she has a degree in finance, as well as a master's degree in journalism and a Master of Business Administration. Previously, she was a financial analyst and director of finance for several public and private companies. Tina's work has appeared in a variety of local and national media outlets.
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Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Tax credits and tax deductions may be the most satisfying part of preparing your tax return.
Both reduce your tax bill, but in very different ways.
Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. A tax credit valued at $1,000, for instance, lowers your tax bill by the corresponding $1,000.
Tax deductions, on the other hand, reduce how much of your income is subject to taxes. Deductions lower your taxable income by the percentage of your highest federal income tax bracket. So if you fall into the 22% tax bracket, a $1,000 deduction saves you $220.
Would you rather have: | ||
A $10,000 tax deduction… | …or a $10,000 tax credit? | |
Your AGI | $100,000 | $100,000 |
Less: tax deduction | ($10,000) | |
Taxable income | $90,000 | $100,000 |
Tax rate* | ||
Calculated tax | $22,500 | $25,000 |
Less: tax credit | ($10,000) | |
Your tax bill | $22,500 | $15,000 |
The catch to tax credits
Some tax credits are nonrefundable.
That means that if you don’t owe a lot in taxes to begin with, you don’t get the full value if the credits take your tax bill below zero. In other words, a $600 tax bill combined with a $1,000 nonrefundable credit doesn’t get you a $400 tax refund check.Some tax credits are refundable. If you qualify to take refundable tax credits — things such as the earned income tax credit or the child tax credit — the value of the credit goes beyond your tax liability and can result in a refund check.
The IRS lays out specific criteria you must meet to qualify for both nonrefundable and refundable credits.
A big decision about tax deductions
There are two types of tax-deduction strategies: taking the standard deduction or itemizing.
The standard deduction
The standard deduction is a one-size-fits-all reduction in the amount of your income that’s subject to tax.
You don’t have to do anything to qualify for the standard deduction or provide any documentation.You can claim the standard deduction on Form 1040. The amount varies depending on your filing status.
Filing status | Standard deduction 2022 | Standard deduction 2023 |
|---|---|---|
Single | $12,950. | $13,850. |
Married, filing jointly | $25,900. | $27,700. |
Married, filing separately | $12,950. | $13,850. |
Head of household | $19,400. | $20,800. |
Itemizing
Itemizing allows you to take advantage of deductions such as home mortgage interest, medical expenses or charitable donations.
If together your itemized deductions exceed the value of the standard deduction, you'll want to itemize so you pay less tax. You'll need to use the regular Form 1040 and Schedule A.Just as with tax credits, taking certain deductions requires meeting certain qualifications based on your filing status, current life events and the amount of your income that’s taxable. Be sure you meet IRS criteria to qualify for both tax credits and deductions.
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About the author: Tina Orem is an editor at NerdWallet. Before becoming an editor, she was NerdWallet's authority on taxes and small business. Her work has appeared in a variety of local and national outlets.
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