Come tax time, the child tax credit is intended to defray some of those costs for parents.
That’s a drop from 2021 levels. That year, the credit paid $3,600 per child for kids under age 6. For children ages 6 to 17, the credit paid $3,000. Federal lawmakers let people receive half of the increased payments in six monthly installments, with the rest getting applied during tax season.Note that the child tax credit is different from the child and dependent care credit, even though the two sound similar.
The child also has to be claimed as a dependent, although that doesn’t necessarily mean they need to be a son or daughter. Other eligible relatives who can access the credit when they claim the child as a dependent include step parents, eligible foster parents, grandparents, brother, sister, step siblings and other relations.
The child tax credit is partially refundable. Generally, when refundable credits reduce tax liability, if the credit is greater than the tax liability, the difference is paid in a tax refund. When non-refundable credits exceed liability, the difference cannot contribute to a bigger refund.
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