Family law can be a complicated topic. Spouses who are planning to get a divorce, parents who need to determine how they will share child custody, or other family members who need to address and resolve legal issues in family court will need to understand a variety of different laws and related matters as they work to resolve disputes and put workable solutions in place. At Weiss-Kunz & Oliver, LLC, we work to educate our clients about the laws that apply in their unique situations, and through our blog, we provide helpful information about topics that may be important to people involved in these types of cases. We wanted to highlight some of our most-read blogs over the past year and provide updates about the issues discussed and the concerns that may affect spouses, parents, children, or other family members.
Child Tax Credits for Divorced or Separated Parents
In one of our most popular blogs, we looked at the Advance Child Tax Credit, which was available to parents for the 2021 tax year. This was a complex topic that affected many divorced parents, and the tax credit allowed parents who could claim children as dependents to receive advance payments between July and December of 2021. However, the law that put this tax credit in place expired at the end of 2021, and it has not been extended. Because of this, the Advance Child Tax Credit is no longer available.
For the tax year of 2022, the Child Tax Credits that parents may claim will return to the amounts used in 2019. While parents were able to claim a credit of $3,600 per dependent child in 2021, this amount is reduced to $2,000 for the 2022 tax year. The Child and Dependent Care Credit, which was increased to $8,000 in 2021, has been lowered to a maximum of $2,100 for 2022.
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