Maximize Your Refund: Understanding the Non-Refundable Child Tax Credit Increase for 2023
Tax Season Bonus: Child Tax Credit Boost Offers Relief for American Families
According to Western Iowa Today, Americans with children are in for a potential tax break this tax season as the Child Tax Credit has increased for tax year 2023. According to IRS Spokesperson Stacy Engel, eligible individuals can receive up to two thousand dollars per child, which can help reduce their tax liability and possibly increase their refund. However, it’s important to note that the Child Tax Credit is not refundable, meaning it lowers the amount of tax owed on the tax return.
Child Tax Credit Gets a Welcome Increase – Putting Kids First!(PHOTO: getty images)
Income Limits and Eligibility: Who Can Receive the Full Child Tax Credit?
To qualify for the Child Tax Credit, children must be under the age of 17, including stepchildren and eligible foster children, and must have lived with the claimant for more than half of the year. Those meeting the criteria can receive the full credit if their annual income does not exceed two hundred thousand dollars, or four hundred thousand dollars for those filing jointly. Additionally, even individuals who don’t typically file tax returns may still be eligible for the credit, but they must file and claim their dependents to do so. Engel highlighted that this could result in more money in their pockets after filing their tax returns.
READ ALSO: Enhanced Child Care Tax Credit- Unlocks Substantial Savings For Families In Wisconsin!
