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How Much Will Your Child(Ren) Be Eligible for in Tax Credits in 2023?

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Some American households experienced financial hardship in 2022. Aside from the obvious increase in the cost of living caused by Russia’s invasion of Ukraine and the subsequent economic restrictions on Russian oil imports, the national average price of gas also increased dramatically.

In reality, the United States entered a cost-of-living crisis that hit the middle class and the poor right when the country was beginning to recover from the pandemic’s impacts.

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As a result, many Americans have had to rely on welfare programmes like SNAP to make ends meet. Since the federal government stopped delivering stimulus checks, state governments have stepped in to fill the gap by providing their own stimulus payments and tax credits.

However, as we enter a new year, it is prudent to get ready for additional interest rate hikes as the Federal Reserve seeks to control inflation. You and your loved ones may benefit from participating in welfare programmes.

In 2021, the American Rescue Plan will increase the maximum allowable Child Tax Credit (CTC) by a significant amount.

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The Child Tax Credit is a programme that helps families financially.

In the United States, taxpayers can claim a tax credit for each qualified kid under the age of 17 who is claimed as a tax dependent.

As was mentioned before, the American Rescue Plan boosted the CTC tax benefit in 2021 from $2,000 to $3,000 for children under the age of 18, and from $3,000 to $3,600 for children under the age of six.

In 2023, What Will Ctc Be Worth?

The maximum CTC a family can receive for each eligible child in 2023 is $2,000, with a return of up to $1,540. This amount will not grow in subsequent years.

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