Uncover the Hidden Benefits: How to Claim Your Child Tax Credit this Tax Season 2023

The tax season has officially started in the United States, and it’s estimated that around 168 million people will be filing their individual tax returns in the coming months, according to the official website of the IRS on January 12, 2023. One of the most widely used tax credits is the Child Tax Credit (CTC), which provides support to families with qualifying children; even low-income individuals who are not usually required to file taxes can benefit from it.

If you are eligible for the CTC, you can claim it in addition to any Social Security or Supplemental Security Income support you receive without affecting your eligibility for Social Security Administration programs. To claim the CTC, you need to list your children and other dependents on IRS Form 1040 and attach a completed Schedule 8812 form, which will also help you check if you are owed any advanced Child Tax Credit payments from 2021, according to the AS report on January 25, 2023.

The child must be a dependent, no older than 16, live with the claimant for at least half of the year, and not provide more than half of their financial support. The child must also be a US citizen, national, or resident alien and cannot file a joint return with a spouse. However, as the IRS stated, filers with an annual income above $200,000 or $400,000 for joint filers may not be eligible for full support, but they may be eligible for partial credit.

To determine if you qualify for the Child Tax Credit and to calculate the amount of credit you can receive, you can use the IRS Interactive Tax Assistant online tool. By following these steps, you can ensure that you receive the support you deserve during this tax season.