If you received thousands of dollars in child tax credits from your 2021 tax return, you will get much less for your 2022 filing. The child tax credit, the...
The 2023 tax filing season starts on January 24 and ends on April 18.child tax credits from your 2021 tax returnThe child tax credit, the earned income tax credit and the child and dependent care credit refunds will go back to pre-pandemic 2019 levels, according to a release from the Internal Revenue Service.With the three previous tax seasons dramatically impacted by the pandemic, the IRS has taken additional steps for 2023 to improve service for taxpayers.
“This filing season is the first to benefit the IRS and our nation’s tax system from multi-year funding in the Inflation Reduction Act,” said Commissioner O’Donnell. “With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year.” The IRS encourages everyone to have all the information they need in hand for a complete and accurate return.Taxpayers who received $3,600 per dependent in 2021, will get $2,000, if eligible. The child tax credit increased in 2021 as part of The American Rescue Plan Act.Taxpayers with no children who received roughly $1,500, will get $500, if eligible.Returns for people who cared for dependents will go from $8,000 in 2021 to a maximum of $2,100 for the 2022 fiscal year.
There’s no change to the taxability of income. All income, including from part-time work, side jobs or the sale of goods is still taxable.
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