- Nov 01 2022
- 10:00 am - 11:30 pm
Child Tax Credit Event
Feel free to invite your clients to join us on November 1 at 1:00 PM ET/12:00 PM CT/11:00 AM MT/10 AM PT at https://www.facebook.com/centeronbudget.
Enacted in 1997 and expanded with bipartisan support since 2001, the Child Tax Credit (CTC) helps working families offset the cost of raising children. It is worth up to $2,000 per eligible child (under age 17 at the end of the tax year). The CTC also includes a $500 non-refundable credit for families with qualifying non-child dependents.
Taxpayers eligible for the credit subtract it from the total amount of federal income taxes they would otherwise owe. For example, if a couple with two qualifying children would owe $4,600 in taxes without the credit, they would owe $600 in taxes with it, because the credit would reduce their tax bill by $2,000 for each child.