Understanding the Child Tax Credit (CTC)
The Child Tax Credit (CTC) is a tax credit that helps reduce the amount of taxes owed by eligible taxpayers. It is available to both single and married parents who meet certain income requirements. For the 2023 tax year, the CTC amount is $2,000 per qualifying child.
Eligibility Requirements for the CTC
To claim the CTC, you must meet the following requirements:
- You must be the primary caregiver of the child.
- The child must be under the age of 17 at the end of the tax year.
- The child must be a U.S. citizen, U.S. national, or U.S. resident alien.
- The child must have lived with you for more than half of the year.
- You must provide more than half of the child’s support.
Income Limits for the CTC
The CTC is phased out for taxpayers with higher incomes. The phase-out begins at $200,000 for single filers and $400,000 for married couples filing jointly.
Refundability of the CTC
Up to $1,600 of the CTC is refundable for the 2023 tax year. This means that even if you do not owe any taxes, you can still receive a refund of up to $1,600 per qualifying child.
How to Claim the CTC
You can claim the CTC on your federal income tax return. You will need to provide the following information:
- The child’s name and Social Security number
- The child’s relationship to you
- The number of months the child lived with you during the year
- The amount of child support you provided
Additional Resources
The Child Tax Credit is a valuable tax break for single parents. It can help reduce the amount of taxes you owe and provide a refund of up to $1,600 per qualifying child. If you meet the eligibility requirements, be sure to claim the CTC on your tax return.
CHILD TAX CREDIT 2024 UPDATE: WHEN TO EXPECT YOUR TAX REFUND + NEW 1750 PER CHILD IRS FILING & HACK
FAQ
How much does a single mom get back in taxes for one child?
How much money do you get back for 1 dependent?
How much will I get back in taxes if I have one child?
Are we getting $3,600 per child?
Do single parents get tax breaks?
The IRS offers a few breaks for single-parent heads of household Single parents can take advantage of a few tax breaks, from an advantageous filing status to tax credits. Find out what tax breaks you might be eligible for.
What if a parent has a different tax year?
Parent with different tax year. If the parent and the child don’t have the same tax year, complete Form 8615 using the information on the parent’s return for the tax year that ends in the child’s tax year. Example. Kimberly must use her mother’s tax and taxable income to complete her Form 8615 for calendar year 2021 (January 1–December 31).
Do Single Parents need to know about tax benefits?
Wendy Barlin, CPA, tax strategist, and principal of the About Profit tax firm, says that single parents should spend time learning about all of the tax benefits that apply to them — especially when it comes to filing status. She says that claiming head of household is extremely valuable and places you at a preferential tax rate.
What is the average tax refund for a single mom?
There is no average tax return refund amount for a single mother, a married mom, or anyone for that matter. Your refund is based on how much money you withheld in federal, state, and local income tax and your total income. The more kids you can claim as a dependent, the higher the deductions and credits for your dependents.