This year the Child Tax Credit will revert back to the program offered by the IRS before the American Rescue Plan expanded it in 2021. For 2022 the credit will be worth up to $2,000 per child, with the money to be distributed in the form of a single end of year tax credit. This will either reduce the size of the recipient’s tax bill or increase their tax refund.
Children must be aged 17 or younger to be eligible for the support, and the household income cannot exceed $112,500 (single filer) or $150,000 (couple filing jointly) to receive the full amount.
This year the credit is partially refundable, meaning that the full $2,000 per child is only available for households who contribute at least that amount in IRS income tax. Read more.