The Child Tax Credit (CTC) is available to taxpayers with qualifying children. In order to be a qualifying child for the CTC, the child must meet certain requirements, and the taxpayer claiming the CTC must have modified adjusted gross income (MAGI) at or below certain thresholds. <br /><br />For tax years 2018 through 2025, there are temporary increases in income thresholds for all filing statuses. This makes more taxpayers eligible to claim the CTC. For married filing joint taxpayers, a full credit is available if their income is at or below $400,000, while all other filing statuses get a full CTC if income is at or below $200,000.<br /><br />The CTC phaseout is $50 for every $1,000 of excess income over the relevant threshold. For example, a single filing taxpayer with one qualifying child will be completely phased out of the credit if their income is $240,000 or more. <br /><br />If all elements are met, the taxpayer is eligible for the CTC of $2,000 per child, as well as potentially the Additional Child Tax Credit.<br /><br />The Additional Child Tax Credit (ACTC) is the refundable portion of the Child Tax Credit (CTC). The CTC is generally a nonrefundable tax credit which is a dollar-for-dollar reduction in the taxes owed. If, however, the total tax is reduced to zero, and the entire amount of the CTC has not been utilized, there may be a refundable portion under the ACTC.<br /><br />In order to claim the ACTC, the taxpayer must have greater than $2,500 of earned income to realize any benefit. The ACTC must be completed on Form 8812 in Part II-A and is limited to $1,500 per child. <br /><br />Child tax credit amounts for the 2022 tax year changed from 2021. Under the American Rescue Plan of 2021, the CTC was increased to $3,000 or $3,600 per child, depending upon the child's age.<br /><br />The increased amounts expired, meaning the credit amounts reverted back to the 2020 year amounts. The child tax credit is now $2,000 per child under the age of 17. The CTC is claimed on IRS Form 8812 and attached to the taxpayer's Form 1040.<br /><br />Jason’s Page: <a href="https://jasondknott.com/" target="_blank" rel="nofollow">https://jasondknott.com/</a><br />Knott PLLC: <a href="https://www.knottpllc.com/" target="_blank" rel="nofollow">https://www.knottpllc.com/</a><br /><br />Need more help? Schedule a Consultation: <br /><a href="https://jasondknott.com/Consultation" target="_blank" rel="nofollow">https://jasondknott.com/Consultation</a><br /><br />✅ TAX & ACCOUNTING TRAINING GUIDES<br />Udemy - <a href="https://jasondknott.com/Udemy" target="_blank" rel="nofollow">https://jasondknott.com/Udemy</a><br />Gumroad - <a href="https://jasondknott.com/Gumroad" target="_blank" rel="nofollow">https://jasondknott.com/Gumroad</a><br /><br />✅ FOLLOW JASON HERE: <br />Patreon: <a href="https://www.patreon.com/jasonknott" target="_blank" rel="nofollow">https://www.patreon.com/jasonknott</a><br />Twitter: <a href="https://twitter.com/jasondknott" target="_blank" rel="nofollow">https://twitter.com/jasondknott</a><br />Instagram: <a href="https://www.instagram.com/jasondknott" target="_blank" rel="nofollow">https://www.instagram.com/jasondknott</a><br />TikTok: <a href="https://www.tiktok.com/@jasondknott" target="_blank" rel="nofollow">https://www.tiktok.com/@jasondknott</a><br />LinkedIn: <a href="https://www.linkedin.com/in/jason-d-knott/" target="_blank" rel="nofollow">https://www.linkedin.com/in/jason-d-knott/</a><br />Quora: <a href="https://www.quora.com/profile/Jason-Knott-17" target="_blank" rel="nofollow">https://www.quora.com/profile/Jason-Knott-17</a><br /><br />DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.<br /><br />#ChildTaxCredit #ChildTaxCreditUpdate #Form1040 #TaxRefund<br />...<br /><a href="https://www.youtube.com/watch?v=CQFQYf-OZLo" target="_blank" rel="nofollow">https://www.youtube.com/watch?v=CQFQYf-OZLo</a>