Can you explain to me what Child Tax Credit is in a simple way to understand?
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The Child Tax Credit (CTC) is a credit you can claim on your tax return for children claimed on your tax return as dependents. The child can be your daughter, son, stepchild, foster child, adopted child, brother, sister, stepbrother, stepsister, half-sister or half-brother. The child can also be the direct descendant of any of those just mentioned (your grandchild, niece or nephew). The child must be a U.S. citizen, a U.S. national or a U.S. resident alien, have a social security number and have lived with you for over half of the tax year.
In 2021, the CTC amounts were increased just for that tax year. The amount was $3,600 for each child under age 6, and $3,000 for each child between ages 6 and 17. For 2022, the CTC amount is 2,000 for each dependent under age 16.
In 2022, the CTC starts to phase out with modified adjusted gross Income of $200,000 for single filers and $400,000 for joint filers. (In 2021, the income limits were different.)
The Child Tax Credit is a credit that reduces your tax owed.
On your tax return you report
The Child Tax Credit is $2,000 for 2022. Here is a resource that lists the eligibility for the child to be claimed on the Child Tax Credit.
https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz
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