Maximizing Child Tax Credit: Understanding Form 8812

💡The child tax credit for the 2023 tax year is $2,000 per child under 17 at the end of the year.

📈Consider potential changes to the child tax credit, such as an increased refundable portion and modified income thresholds.

💰The additional child tax credit can offset your tax liability or even provide a refund if your total credit exceeds your tax liability.

🧾Form 8812 is used to claim the additional child tax credit and must be filed along with your tax return.

📚Understanding the income thresholds and phase-outs is crucial to properly calculate the child tax credit you can claim.

What is the maximum child tax credit per child?

—The child tax credit for the 2023 tax year is $2,000 per child under 17 at the end of the year.

How does the additional child tax credit work?

—The additional child tax credit is a refundable portion of the child tax credit that can offset your tax liability or even provide a refund if the credit exceeds your tax liability.

What is Form 8812 used for?

—Form 8812 is used to claim the additional child tax credit and must be filed along with your tax return.

What are the income thresholds for the child tax credit?

—The income thresholds for the child tax credit vary depending on your filing status. For example, for head of household filers, the full credit is available for incomes up to $200,000.

Are there pending changes to the child tax credit?

—There is pending legislation that may modify the child tax credit, including increasing the refundable portion and modifying the income thresholds. Stay updated on potential changes that could affect your tax benefits.

00:02In this video, we'll cover the child tax credit for the 2023 tax year and how to claim it using Form 8812.

03:40Understand the eligibility criteria, income thresholds, and potential changes to the child tax credit.

06:45Discover how the additional child tax credit works and how it can offset your tax liability or provide a refund.

09:01Learn about Form 8812, which is used to claim the additional child tax credit.

12:47Gain insight into the income thresholds and phase-outs for the child tax credit.