Hi. Thank you for participating in this TurboTax event. Congratulations on both of your children! As a parent you are eligible for the following credits:
- Child Tax Credit
The child tax credit has now reverted in 2022 back to its original limit of $2,000 for every dependent under age 16. Income thresholds for single taxpayers and heads of household are set at $200,000 to qualify (and $400,000 for joint filers).
- Child and Dependent Care Credit
up to $3,000 of qualifying expenses (for a maximum credit of $1,050) for one child or dependent, or. up to $6,000 of qualifying (for a maximum credit of $2,100) for two or more children or dependents
- Earned Income Credit
You may be eligible for this credit based on your income level
If you did not take advantage of these credits in 2020 and 2021 it is not too late to amend your tax return for those years. Th child tax credit was actually higher (up to $3,600 per child) in 2021.
Hope this helps!
AnthonyC, CPA
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