Congratulations!
The Child Tax Credit f or tax year 2022 is $2,000 per child for qualifying children through age 16. Part of this credit is refundable as the Additional Child Tax credit, which means you might be eligible to get a refund even if you owe no federal tax income tax.
Having a child will also make you eligible for:
- Head of household status (if single)
- Increase the amount you can claim for Earned income Tax credit.
- If you pay for childcare to allow you to work and earn taxable income in 2022, you may be eligible for the Child and Dependent Care Credit worth up to $1,050 for the care of one child under age 13, or up to $2,100 for the care of two or more children under 13.
If you want more detail information, please review this article: Birth of a Child.
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