Child Tax Credit 2022 — 3 payments each worth $250 going out this month

Child Tax Credit 2022 — 3 payments each worth $250 going out this month

The Child Tax Credits (CTC) are set to revert to a maximum of $2,000 next year, what was offered before the 2021 expansion.

That means for this 2022 tax year, the money will be distributed in the form of a single end-of-year tax credit, per the previous program from the Internal Revenue Service (IRS).

This will either reduce the size of the recipient’s tax bill, or increase their tax refund.

Children must be age 16 or younger to be eligible for the support, and the modified gross income (AGI) cannot exceed $400,000 on a joint return and $200,000 on a single or head-of-household return.

Above those incomes, a $50 decrease would ensue for every $1,000 in additional income.

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