Child Tax Credit 2023 Update: House Passes Increase To Tax Refund

WASHINGTON, D.C. - The House of Representatives passed bipartisan legislation that would increase the refundable amount of the 2023 child tax credit from $1,600 per child to $1,800, which would mean bigger tax refunds for millions of tax filers who claim the child tax credit.

The House Bill would also increase the refundable amount to $1,900 in 2024 and $2,000 in 2025.

The bill still need to pass through the U.S. Senate and be approved by the President before the child tax credit increased refund amount becomes law.

Who Can Claim The 2023 Child Tax Credit?

According to the IRS, you can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States.

To be a qualifying child for the 2023 tax year, your dependent generally must:

Be under age 17 at the end of the year

Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)

Provide no more than half of their own financial support during the year

Have lived with you for more than half the year

Be properly claimed as your dependent on your tax return

Not file a joint return with their spouse for the tax year or file it only to claim a refund of withheld income tax or estimated tax paid

Have been a U.S. citizen, U.S. national or U.S. resident alien

You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).

Parents and guardians with higher incomes may be eligible to claim a partial credit