2023 Child Tax Credit and Child and Dependent Care Credit
As of now for the tax year 2023, the Child Tax Credit rules are back to pre-pandemic levels:
| Tax Year 2023 | |
| Child Age Requirement | 16 or younger |
| Refundable | Up to 70% |
| Credit Amount | $2,000 per child |
| Phase out starts at | $400,000 AGI for Married Filing Jointly, or $200,000 All other filing statuses |
2023 Child and Dependent Care Credit
| Tax Year 2023 | |
| Maximum Refundable Percentage of Credit | 0% |
| Maximum Qualifying Expenses for Calculating credit | $3,000 for one dependent or $6,000 for two or more dependents |
| Maximum Credit Amount | $2,100 |
| AGI at which credit percentage starts to decline | $15,000 |
| Percentage of credit if your AGI is $100,000 | 20% |
