

There will no longer be advance payments of the creditįrom July to December 2021, parents were able to receive half of the child tax credit they qualified for (based on their 2020 income) in the form of monthly payments spread out over those six months. After those thresholds, the credit reduces by the same $50 for every $1,000.
#CHILD TAX CREDIT 2020 CHANGES FULL#
In 2022, you can qualify for the full $2,000 child tax credit if your MAGI is below $200,000 for single filers or $400,000 for joint filers. In 2022, the tax credit will be refundable only up to $1,500 (up from $1,400 in 2020 to adjust for inflation), depending on your income, and you must have earned income of at least $2,500 to even be eligible for the refund. There was also no minimum amount of income you needed to earn to get the refund. Last year the tax credit was also fully refundable, meaning that if the credit amount a taxpayer qualified for exceeded the amount of taxes they owed, they could get the difference back. For 2022, that amount reverted to $2,000 per child dependent 16 and younger. For children under 6, the amount jumped to $3,600. In 2021, the enhanced child tax credit meant that taxpayers with children ages 6 to 17 could get a credit of up to $3,000. The maximum child tax credit amount will decrease in 2022 Unless Congress takes action, the 2020 tax credit rules apply in 2022. The enhanced child tax credit expired at the end of December.

Now that the tax season is behind us, you might be wondering what’s happening with the child tax credit in 2022.
