To better assist families, the Child Tax Credit and its coverage is expanded
The American Rescue Plan’s expansion of the Child Tax Credit will reduced child poverty
Last year, American families were thrown a lifeline in the form of the boosted Child Tax Credit
In 2021, the credit was worth up to $3,600 for children under the age of 6 and up to $3,000 for those aged 6 to 17
Plus, the credit changed to become fully refundable, whereas in the past, only a portion of it was refundable
This year, the credit isn't gone. Rather, its maximum value will simply return to $2,000
Also, the credit won't be fully refundable, and it won't be paid in the form of monthly installments
Rather, to claim the credit, those eligible for it will have to file a 2022 tax return in the spring of 2023
Learn more