After you file

The IRS made some changes to tax credits for the 2022 tax year.

Namely, some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

• Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
• For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022.
• The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.

Here are some links that explain these changes in more detail:

https://www.irs.gov/newsroom/get-ready-for-taxes-whats-new-and-what-to-consider-when-filing-in-2023

https://blog.turbotax.intuit.com/life/tax-benefits-changing

If your 2022 Child Tax Credit is less than your 2021 credit, it's probably because one or more children celebrated their 17th birthday in 2022.

Other, less common reasons your 2022 Child Tax Credit is less than your 2021 credit include:

• One or more children lived with you for less than half the year in 2022 but lived with you for half the year (or more) in 2021
• One or more children paid more than half of their own expenses in 2022, but didn't in 2021
• Your 2022 AGI increased to $400,000 or more (joint filers and surviving spouses) or $200,000 or more (single, Head of Household, or separate filers)

See the qualifications for the Child Tax Credit and the Credit for Other Dependents.