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Child Tax Credit: Is there a credit similar available in 2022?

In 2021 Americans benefitted from the child tax credit offered by the government, but those payments have since ended.

child tax credit paperwork

After trying to extend the credit into 2022 and failing, lawmakers are trying to find other ways to help families.

Another program that exists could benefit families up to $4,000.

This is called the child and dependent care credit.

$175 may be available to parents for higher living costs

Child and Dependent Care Credit explained

This credit works to help working families offset the costs of raising a child while they work or go to school.

You could see as much as $4,000.

You may claim it on your refund for the 2021 tax year.

This year the credit is fully refundable, unlike previous years.

Child Tax Credit: Will I need to pay it back?

Qualifying for the tax credit

In order to qualify, you need to meet certain requirements.

This includes having a child below the age of 13.

A spouse who is physically or mentally impaired can qualify.

Another dependent who is impaired may count as well.