Child tax credit 2023: How much is it and when will I get it?

FAMILIES can earn the federal child tax credit (CTC) for the tax year 2022.

In 2021, the temporary boosted family benefit was worth a maximum of $3,600.

Parents with children below age five and younger got $300 each.

Those with kids between the ages of six and 17 received $250 each.

But Congress failed to extend the $3,600 tax credit for 2022.

However, keep in mind there will still be a federal benefit this tax season – it will just be smaller.

In 2023, children who are 16 or younger at the end of the tax year will qualify for the child tax credit.

Also, some states are offering their own version of the CTC.

1. Connecticut

This credit formed as part of Connecticut's 2022-2023 budget bill, which was signed into law by Governor Ned Lamont in May.

Those eligible for the credit have started to see a rebate of $250 per child, which is capped at three – equaling a maximum of $750.

The state's Governor, Ned Lamont, the Connecticut started issuing rebates at the end of August via mail.

To get the maximum amount for each child, eligible recipients must have met the following income thresholds:

• Single or married filing separately must make $100,000 or less
• Heads of household must make $160,000 or less
• Those married filing jointly have to make $200,000 or less.

The deadline for applications to have been submitted was July 31.​

Rebates were approved for more than 189,000 families on behalf of more than 300,000 children.