A child tax credit is a refundable tax credit claimed by completing Form 1040 and attaching Form 8812 to the return.
To qualify for credit, the taxpayer’s dependent must generally be aged 18, be a specific relative, have lived with the taxpayer for more than six months, and provide no more than half of their financial support.
For taxes for 2020, tax law allows for an income tax credit of up to $2,000 per child (under age 17), which may be partially refundable for some taxpayers.
For 2021 taxes, the credit was $3,000 (children under age 18) or $3,600 (children under age 6) per eligible child for U.S. taxpayers - it was fully refundable and could be received as monthly advances payments.
The Extended Credit Extension Act for 2022 has not been passed - thus the credit will return to $2,000 and be partially refunded on an annual basis in tax year 2022.
Form 4684 is the U.S. Internal Revenue Service (IRS) form for reporting profits or losses from accidents and thefts that occur as a result of a federally declared natural disaster that may be deductible for taxpayers who detail deductions.