Child Tax Credit: Who Who would qualify for new tax law?

STATEN ISLAND, N.Y. — A new 2023 Child Tax Credit currently awaiting Senate approval would give a tax break to families with qualifying children — helping millions of Americans cope with the rising costs of child care each year.

Recently, the House of Representatives passed the Tax Relief for American Families and Workers Act, which includes an expansion of the Child Tax Credit that would allow eligible taxpayers to claim hundreds of additional dollars in refunds in the coming years.

The program, which federal legislators are currently looking to expand, allows eligible taxpayers to receive up to $2,000 per child on their annual tax returns.

Some may even qualify if they don’t normally file a tax return, according to the IRS.

You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).

You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States.

To be a qualifying child for the 2023 tax year, your dependent generally must:

• Be under age 17 at the end of the year
• Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)
• Provide no more than half of their own financial support during the year
• Have lived with you for more than half the year
• Be properly claimed as your dependent on your tax return
• Have been a U.S. citizen, U.S. national or U.S. resident alien

Parents and guardians with higher incomes may be eligible to claim a partial credit.

However, if the parents are not currently married and share custody of the child, only one person is eligible to claim the child as a dependent and receive the associated benefits, like the child tax credit.

Parents cannot share or split up the tax benefits for their…