Maximize Your Benefits: How to Ensure Receiving the Full Child Tax Credit Payment

The US economy has been affected by a number of factors in recent years, including the invasion of Ukraine by Russia and the ongoing COVID-19 pandemic. As a result of these events, many Americans have been turning to welfare benefits as a means of support.

Despite the federal government not providing any further stimulus checks, several state leaders have been issuing monetary assistance in alternative forms, such as payments and tax credits, according to a report by MARCA on January 19, 2023.

One of these benefits is the Child Tax Credit (CTC), which provides tax benefits for each dependent child who qualifies. To ensure that you receive the full CTC payment, it’s important to check that your dependent care expenses have been entered accurately into the Credit section of your tax forms.

The IRS website outlines specific criteria that must be met for the person whose expenses were paid, including that they must have been under the age of 13 when care was provided or have lived with the taxpayer for more than half the year and been unable to care for themselves.

It’s important to note that the CTC is non-refundable, meaning that it can only be used to reduce taxable income tax liability, as indicated on the official website of the IRS on January 20, 2023. If you haven’t covered the cost of childcare, no credit will be awarded.

To maximize your CTC benefits, make sure that all dependent care expenses are entered accurately and that the person being claimed as a dependent meets the criteria outlined by the IRS.