Child Tax CreditOctober 17, 2022

The New Jersey Division of Taxation has advised that starting with the tax year 2022, eligible New Jersey residents can claim a refundable child tax credit on their New Jersey Resident Income Tax Return (Form NJ-1040). The credit amount can be up to $500 for each dependent child age 5 or younger at year-end that is claimed on Form NJ-1040. Taxpayers must: (a) be a New Jersey resident for either all or part of the tax year 2022; (b) have a valid social security number or individual tax identification number; (c) be allowed to claim the child for the tax year for federal tax purposes; (d) have taxable income of $80,000 or less; and (e) not have a filing status of married filing separately. Regardless of filing status, the amount of the credit will be: (1) $500 if New Jersey taxable income is $30,000 or less; (2) $400 if New Jersey taxable income is greater than $30,0000 but not over $40,000; (3) $300 if New Jersey taxable income is greater than $40,000 but not greater than $50,000; (4) $200 if New Jersey taxable income is greater than $50,000 but not greater than $60,000; and (5) $100 if New Jersey taxable income is greater than $60,000 but not greater than $80,000. ( Child Tax Credit, N.J. Div. of Taxation, 10/12/2022 .)