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Residents of qualifying New Jersey can collect a refunded Child Tax Credit upon their New Jersey Individual Income Tax Return beginning with Tax Year 2022. (Form NJ-1040).

What is defined as the term child tax credit?

With the help of a federal child tax credit (CTC), which is only partially refundable, low- and medium families can decrease their tax obligations by down to $2,000 for each qualified kid.

Credit amounts are based on single or joint filers' adjusted gross income levels.

  1. The child must be age five or younger even by end of the tax year, and you need to have taxable of $80,000 or less.
  2. You must also be a resident of New Jersey for all or a portion of Tax Year 2022,
  3. have a valid your Social Security number as well as Individual Tax Identification Number,
  4. be able to deduct the child from your income for the year under federal tax law.

To know more about the child tax credit, here

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