Child Tax Credit 2022 — 3 payments each worth $250 going out; Check if you’re eligible

October 5, 2022 William Johnson Stimulus Check, US Local News 0

Child Tax Credit 2022 — 3 payments each worth $250 going out; Check if you're eligible

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The Child Tax Credits (CTC) are set to revert to a maximum of $2,000 next year, what was offered before the 2021 expansion.

That means for this 2022 tax year, the money will be distributed in the form of a single end-of-year tax credit, per the previous program from the Internal Revenue Service (IRS).

This will either reduce the size of the recipient’s tax bill, or increase their tax refund.

Children must be age 16 or younger to be eligible for the support, and the modified gross income (AGI) cannot exceed $400,000 on a joint return and $200,000 on a single or head-of-household return.

See Also:  Tax Extension: Tips to file your taxes easily and accurately before October 17

Above those incomes, a $50 decrease would ensue for every $1,000 in additional income.

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Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.