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How much was the Child Tax Credit in 2022?
In 2022, the CTC reverted to its original design as a nonrefundable tax credit - meaning it only reduces a person's tax liability by up to $2,000 per eligible child and is not paid out as a refund. A nonrefundable tax credit means it is not issued as a refund but only applied to taxes owed on that tax return.
When you file your 2022 tax return, the Child Tax Credit will be on your tax return as a nonrefundable tax credit reducing your tax liability.
When you file your 2022 tax return, the Child Tax Credit will be on your tax return as a nonrefundable tax credit reducing your tax liability.