Home Finance Child Tax Credit 2021-2022: What to Know This Year and How to Claim Your Refund

Child Tax Credit 2021-2022: What to Know This Year and How to Claim Your Refund

by Enochadmin

Congress has expanded the kid tax credit score twice since 2017, and these expansions have put wanted {dollars} within the pockets of many dad and mom. Nevertheless, prepayments of the credit throughout 2021 will even create confusion in the course of the 2022 tax-filing season and will go away some recipients owing surprising tax payments for 2021. Right here’s what dad and mom must know.

As a part of the 2017 tax overhaul, Congress doubled the present baby tax credit score to $2,000 per baby below age 17 at year-end. It’s a dollar-for-dollar discount in taxes {that a} vary of filers can declare, as a result of it begins to section out at $400,000 of adjusted gross earnings for married joint filers and $200,000 for single filers.

Source link

Related Articles

Leave a Comment