This year, parents benefited from a child tax credit designed to assist them in paying their basic needs despite the high inflation.
This year, parents benefited from a child tax credit designed to assist them in paying their basic needs despite of the high inflation.
The Child Tax Credit
The value of the child tax credits is $3,600 for each child under six, $3,000 for children between six and 17, and $500 for college students up to the age of 24.
However, they are automatically distributed in monthly installments till December for children ages up to 17, worth between $250 and $300 a month. Once the IRS has completed your 2022 tax rebates in 2023 the remaining half, up to $1,800 per child, is issued.
Parents have the option to opt out, in which case they will get the credits in one payment next year. To avail the full payment, couples can earn up to $150,000 and single parents who file as heads of households need to make under $112,500, for more inquiries you can check the guide here.
Here is Why the Child Tax Credit is Less this Month
Furthermore, Several questions were asked by parents as to why they received less, If you’ve received less than expected this month are several reasons that could explain why your child’s tax credit is less in December.
According to the IRS, it could happen if only one spouse changed an address or bank account, meaning the other spouse’s half goes to the old address or account. However, still noted that the full payment will still be given.
Moreover, the monthly payment amounts can also change if you’ve recently had a tax return processed by the IRS.
