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Will there be monthly payments for the child tax credit in 2023?

 
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2 Replies
rjs
Level 15
Level 15

Will there be monthly payments for the child tax credit in 2023?

No, there are no advance payments of the child tax credit in 2023.

 

 

 

Will there be monthly payments for the child tax credit in 2023?

No.  Those monthly child tax credit payments were made between July 2021 and December 2021.  The child tax credit is back to the "old" rules for your 2022 tax return.  And no, there will be no monthly payments in 2023.

 

 

 

The rules for getting the child tax credit on a 2021 tax return and now on a 2022 return are very different.  For 2021 you could get $3600 for a child under 6 or $3000 for a child between 6 and 17 even if you had no income/did not work.   That is NOT the way it will work for your 2022 tax return.  The “old” rules are back.   The maximum amount of the child tax credit is now $2000; the refundable “additional child tax credit” amount is $1500.   In order to get that credit, you have to have income from working.  The credit is calculated based on the amount you earned above $2500 multiplied by 15%, up to the full $1500.  If your child is older than 16 at the end of 2022, you do not get the CTC.  But you may still get the non-refundable $500 credit for other dependents instead.

 

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-f...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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