(Undated) – Americans with children could be getting a little more of a tax break when filing this tax season. The Child Tax Credit increased for tax year 2023 and IRS Spokesperson Stacy Engel says those who qualify can get up to two thousand dollars per child.
“That’s $2,000 per dependent that reduces your tax liability. So, it could increase your refund,” said Engel. “Now, the Child Tax Credit is not a refundable credit, it reduces the amount of your tax on your return.”
Qualifying children include sons and daughters under the age of 17, stepchildren and eligible foster children. The children have to live with the person for more than half a year to be claimed on the return. Those who meet the qualifications will get the full amount of the Child Tax Credit if the annual income is not more than two-hundred thousand or four-hundred thousand filing jointly. Those who don’t normally need to file a tax return can still claim the credit but have to file and claim dependents.
“A lot of filers that don’t normally have to file a tax return would still qualify for this and it may put more money in their pockets after they file their tax return,” stated Engel.
