The latest regulations and details on the IRS2023 Child Tax Credit

The IRS2023 Child Tax Credit is a new tax credit available to help working families with the cost of raising children. It is a refundable credit that increases the amount of money families can receive back from the government. The credit is available to families with a dependent child under the age of 17 at the end of the tax year. The amount of the credit depends on the number of qualifying children and the taxpayer’s income.

In order to qualify for the IRS2023 Child Tax Credit, a taxpayer’s adjusted gross income must be less than $200,000 for single filers and $400,000 for married filing jointly. The credit amount is $3,000 for each qualifying child and is prorated for children under age 6 $3600. The credit is also refundable, meaning that even if the credit amount is more than the tax liability, the taxpayer will receive the difference as a refund.

For taxpayers that qualify, the IRS2023 Child Tax Credit is available for the 2021 tax year and beyond. It is important to note that the credit amount is not available until the tax return is filed. The credit will reduce the amount of taxes owed, increase the amount of the refund, or reduce the amount of taxes due on the return.