2023 Child Tax Credit: Up To $3,000 Per Eligible Child Can Be Claimed

Up to $3,000 per eligible child can be claimed for the 2023 Child Tax Credit. Read and find out in this article who is eligible for the tax credits!

Child Tax Credit [Photo: Forbes]

The 2023 Child Tax Credit can be claimed by taxpayers by listing their children or other eligible individuals as dependents on the 1040 form. The 1040 form is known as the individual income tax return in the U.S. In addition, a schedule 8812 must be completed for eligible children and other dependents.

According to Munson, the 2023 Child Tax Credit for eligible children ages 5 and below is worth $2,000 each. On the other hand,  for eligible children ages 6 to 17 years old, the 2023 Child Tax Credit is worth $3,000 each. Unfortunately, unlike last year, a portion of the 2023 Child Tax Credit cannot be received in advance.

READ ALSO: $700 Child Tax Credit Proposed In Illinois: Who Would Qualify Once Bill Is Passed?

Who is eligible for the 2023 Child Tax Credit?

An article on the Internal Revenue Service (IRS) website states that to be eligible for the 2023 Child Tax Credit, the tax filer must be a parent or a guardian. The tax filer must have an adjusted gross income of no more than $200,000 for individuals or no more than $400,000 for couples filing jointly.

For a child to be eligible for the 2023 Child Tax Credit, they must be below 17 years old. They must be a biological child, stepchild, eligible foster child, sibling, stepsibling, half-sibling, or a descendant like a niece, nephew, or grandchild of the taxpayer.

In addition, the dependent must have lived with the tax filer for more than half of the year and has been properly claimed as a dependent on the tax returns. The tax filer can file a joint return with their spouse only to claim a refund for the estimated taxes paid or withheld income taxes.

Furthermore, the dependent must have a valid Social Security number that can be used for U.S. employment. They must also have not provided more than half of the financial support for themselves during the year. Most importantly, they must be a citizen, national, or resident alien of the U.S.

READ ALSO: Uncover The Hidden Benefits: How To Claim Your Child Tax Credit This Tax Season 2023