Changes to the Child Tax Credit are being considered by the Senate.
Tax season for 2023 is now open, but NJ News reports that some families are waiting to file because they don’t know what will happen with the child tax credit. The IRS says you don’t have to wait because they’ll make changes to your forms automatically if the credit changes. This is like what they did for jobless people during the COVID pandemic. The House of Representatives agreed to the changes to the child tax credit, but they still need to be passed by the Senate. More money could be given to low-income families if these changes are approved. Families would also be able to choose which year’s income to use for the credit. Under this plan, families won’t get cash every month like they did before.
Tax Relief Bill Passes the House; Now Waits for the Senate to Decide
The House of Representatives mostly agreed with the Tax Relief for American Families and Workers Act. However, the Senate has not yet voted on the plan. People are getting bigger tax refunds, but they’re still not as big as they were last year. If you expect to get a big return, you should file your taxes right away.
