The child tax credit has been in the news a lot after a law allowed parents to receive advanced payments and claim up to $3,600 per child.
Unfortunately, Congress failed to extend the expanded credit which made it worth more and go out to families earlier.
This means the child tax credit has returned to what it was before COVID-19 hit.
CTC 2022
Before COVID-19, the child tax credit was worth $2,000 per child.
Children 17 and under qualify for the amount.
In 2021 it was boosted to $3,600 for children under age 6.
Application for child tax payments worth $250 per child opening soon
Children ages 6 through 17 were worth $3,000 per child.
Not only were payments boosted, but so were income thresholds.
Married couples making $400,000 and under per year could qualify for the full payment.
Singles and head of household filers could make up to $200,000 and qualify.
As families continue to struggle without the monthly payments, many states are working to fill in the newly formed gap.
The expansion and advanced payments lifted millions of children out of poverty.
Once they ended, many fell back into poverty.
In Connecticut, families are seeing $250 per child for middle and low income households.
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