How much is the Child Tax Credit for 2023? Here's what you need to know about qualifying.

Now that tax season's here, it can be easy to get lost in all the forms and applications. But USA TODAY has got you covered with a series of stories and tips that will hopefully make filing a little less complicated.

As a parent or guardian, you may qualify for a slew of new tax credits and deductions depending on your income level.

Here is what you should know about the Child Tax Credit for this year's tax season and whether you qualify for it.

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How much is the Child Tax Credit for 2023?

The maximum tax credit per qualifying child is $2,000 for kids 5 and younger – or $3,000 for those 6 through 17. Additionally, you can't receive a portion of the credit in advance, as was the case last year.

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Who qualifies for the Child Tax Credit?

There are several requirements to qualify for the Child Tax Credit. The first is you must be a parent or guardian who is filing taxes in 2023.

For your child or dependent to qualify, they must have a Social Security number that is valid for employment in the U.S. according to the IRS. They must be under 17 years old. And the other requirements are:

  • They are your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister or descendant (such as a niece, nephew or grandchild).

  • They provide no more than half of their own financial support during the year.

  • They have lived with you for more than half the year.

  • They are properly claimed as your dependent on your tax return.

  • They do not file a joint return with their spouse for the tax year, or they file it only to claim a refund of withheld income tax or estimated tax paid.

  • They are a U.S. citizen, U.S. national or U.S. resident alien.

As a parent or guardian, you are eligible for the Child Tax Credit if your adjusted gross income is less than $200,000 when filing individually or less than $400,000 if you're filing a joint return with a spouse.

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How to claim the Child Tax Credit?

You can receive the Child Tax Credit by listing your children and other dependents on a 1040 form, which is the U.S. individual income tax return. You must also complete a schedule 8812 for qualifying children and other dependents.