How much is the child tax credit for 2023 in the US?

(CNN Spanish) --

The Internal Revenue Service (IRS) began on January 23 to receive and process tax returns from taxpayers in the United States and this year the amounts of various tax credits will return to pre-COVID-19 levels, including the child tax credit.

• IRS Tax Table 2023: How to calculate how much I have to pay based on income and filing status?

If you have children under the age of 17, you can request this type of credit that implies a tax exemption.

And, in some cases, you can claim it even if you don't normally file a tax return.

How much is the credit in 2023?

Here the answer:

How much is the child tax credit for 2023?

For tax year 2022, parents can claim a maximum child tax credit of $2,000 for each child under age 17 if their annual gross income is no more than $200,000 ($400,000 if filing jointly), of agreement with the IRS.

Above those levels, credit begins to disappear.

And the portion of the credit treated as refundable, meaning it's paid even if you don't owe any federal income tax, is capped at $1,500, and is only available to those with earned income of at least $2,500. .

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These amounts are well below the improved child tax credit that has already expired and was in effect for 2021 due to the covid-19 pandemic, with amounts starting at US$3,000.

Among other things, it was fully reimbursable with no earned income requirements, Kathy Pickering, H&R Block's tax director, told CNN.

These are the requirements that your child (or dependent) must meet:

• Be under 17 years of age at the end of the year

• Be your child, stepchild, eligible foster child, sibling, step-sibling, half-sibling, or a descendant of one of these (for example, a grandchild or nephew)

• Provide no more than half of your own financial support during the year

• Have lived with you for more than half the year

• Be properly claimed as your dependent on your tax return

• Not filing a joint return with your spouse for the tax year or filing alone to claim a refund of income tax withholding or estimated tax payments

• Be a United States citizen or a United States national or resident alien

How to apply for the child tax credit?

You can claim this credit by entering information for your children and other dependents on Form 1040 and attaching the completed Schedule 8812, Credits for Qualifying Children and Other Dependents.

To learn more, check directly with the IRS here 

Jeanne Sahadi and Tami Luhby contributed to this report

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