2022 Child Tax Credit
The child tax credit was temporarily expanded for tax year 2021. It applied to qualifying children who were under age 18 as of December 31, 2021. The maximum amount of the credit was up to $3,600 for children under age 6 as of December 31, 2021 or $3,000 for children ages 6 through 17.
For tax year 2022,
the child tax credit has reverted back to the old tax law. It only
applies to qualifying children who are under age 17 on December 31,
2022.
The maximum child tax credit is $2,000 per child. You
are eligible for the full child tax credit if your modified adjusted
gross income (MAGI) is less than $200,000 if you are single
($400,000 if you are married filing jointly). The credit is reduced
by $50 for each additional $1,000 of MAGI.
The maximum refundable child tax credit is $1,500 per child. You must have "earned income" of at least $2,500 to qualify for the refundable portion of the child tax credit.
There are no advance payments of the child tax credit for tax year 2022.
