2023 Child Tax Credit: Eligibility and how to claim

As tax season approaches, understanding the child tax credit for 2023 is crucial for parents and guardians. The maximum tax credit per qualifying child under 17 is $2,000. Additionally, the refundable portion, known as the additional child tax credit, allows up to $1,600 per qualifying child.

To be eligible for the child tax credit, you must be a parent or guardian filing taxes in 2024. The child or dependent must have a Social Security number valid for employment in the U.S. and be under 17 years old at the end of the year. Other criteria include:

1. The child is related to you as a son, daughter, stepchild, foster child, sibling, stepsibling, or a descendant like a niece, nephew, or grandchild.
2. They must not provide more than half of their financial support during the tax year.
3. They should have lived with you for more than half the tax year.
4. They must be claimed as your dependent on your tax return.
5. They should not file a joint return with their spouse unless it’s only to claim a refund.
6. They must be a U.S. citizen, national, or resident.

The value of the credit decreases for parents or guardians with a gross income exceeding $200,000, or $400,000 for joint filers.

Those who file Form 2555 or Form 2555-EZ, excluding foreign earned income, cannot receive the additional tax credit.

To claim the child tax credit, include your children and dependents on a 1040 form, the U.S. individual income tax return. Additionally, complete a Schedule 8812 for credits for qualifying children and other dependents. This information is vital for parents and guardians looking to benefit from the child tax credit in the 2023 tax season.

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