The deadline to file taxes is today, April 18.
If you haven’t filed yet be sure to do so today.
COLA: 2023 increase could boost maximum monthly payment to $4,567
1. General tax return- $3,226
Your W-2 form contains important information about your income. This form will help you determine your general refund. In 2022, the average refund is $3,226. Over $204 billion has been distributed in tax refunds so far. Read more about it here.
2. Child tax credit- $3,600
The Rescue Act was expanded to $3,600. The expanded child tax credit has expired. However, families that received $300 monthly payments will be able to claim the remaining $1,800 per child on their tax return. If you received the payments, you should’ve gotten a letter from the IRS. If you are eligible and didn’t receive any payments, you can claim the full $3,600 on your tax return.
3. Child and dependent care tax- $8,000
If your family had child care expenses in 2021, you can claim up to $8,000 in tax credits. This is known as the child and dependent care tax credit. This was also expanded under the rescue act.
Families with more than one child can now claim up to 50% of qualifying expenses forth $16,000- which means $8,000.If your AGI is $125,000 or less, you can claim the maximum expense rate.
In most cases, the credits are only eligible for those with dependents under 13. If you think you may be eligible, file form 2441 with your tax return.
Relocating: You could see up to $20,000 for moving to a new city
4. Earned income tax credit- $6,728
Earned income tax credit is available for moderate to low income families. Those without dependents can claim $1,502.
If you have children, your credit will increase. One dependent will get you up to $3,618 and two will get you $5,980 and three or more $6,728.
However, there is an income limit to be able to claim these credits.
5. Stimulus check- $1,400
Most Americans got their third round stimulus payments, but many Americans may be owed them still. If you were eligible for stimulus but 64didn’t receive it you should’ve gotten Letter 6475, which details if you can claim the Recovery Rebate Credit on your tax return.
If you claim the maximum amount of each, you could get $22,954 if you are eligible.
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