Everything You Need to Know About the US Child Tax Credit 2022
Taxpayers with children or dependents under the age of 17, will qualify for the Child Tax Credit. In 2021, expanded child tax credit applies to dependents who are 17 or younger as of the last day of the tax year as part of the American Rescue Plan, which was designed to help families deal with the financial hardships stemming from the COVID-19 pandemic. For tax year 2021, the credit is worth up to $3,600 per dependent for most families, but your income level determines exactly how much you can get.
However, 2022 has the child tax credit now revert in back to its original limit of $2,000 for every dependent under age 16. Income thresholds for single taxpayers and heads of household are set at $200,000 to qualify (and $400,000 for joint filers). For a comparison, the expanded child tax credit (available for tax year 2021) began to phase out at a MAGI of $75,000 for single filers ($112,500 for heads of household and $150,000 for joint filers).