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Child Tax Credit 2022

by East Harlem Tax Service

This is a reminder that unless Congress passes legislation that extends these provisions, the following have reverted back to the rules that applied in 2020 for Tax Year 2022:

Child Tax Credit for 2022

The child tax credit is $2,000 for each qualifying child with $1,500 (adjusted for inflation) eligible to be refundable as the additional child tax credit.

The age limit for a qualifying child is under the age of 17.

The taxpayer must have earned income over $2,500 to qualify for the refundable portion of the child tax credit.

Qualifying child must have a valid SSN. The advance of the child tax credit is no longer applicable for tax year 2022.

Child and Dependent Care Credit for 2022

  • The Child and Dependent Care Credit is nonrefundable.
  • The maximum qualifying expenses are $3,000 for one qualifying person and $6,000 for two or more qualifying persons.
  • The maximum percentage is 35% for taxpayers with $15,000 or less of AGI. Percentage gradually decreases for AGI between $15,000 and $43,000 until it reaches 20%.
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