Those wishing to make use of a child tax credit along with their 2023 newborn baby on their 2022 income tax return are going to have to hold off till next year’s filing season to benefit from the sizable tax break.
A federal tax benefit known as the Child Tax Credit (CTC) offers significant financial assistance to American taxpayers with dependent kids. The majority of taxpayers who have kids below the age of 17 are qualified to receive a credit on their tax return of up to $2,000.
However, you may only add data for that particular tax year once you file your taxes. If you decide to file a 2022 single-income tax return, you must include only information that is relevant to 2022 regarding your income, your children, your marriage, and other factors.
Therefore, if you were unlucky enough to have a newborn child born this year, you must wait till 2024 (when you submit your 2023 tax return) to avail the benefit of the tax credit.
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