Child Tax Credit

New Jersey has created a new child tax credit of up to $500 per child under 6. It might not be paid until 2024, but sponsors intend to speed that up by a year.

More than a third (34%) used the federal money for food, 17% used it on clothing, and 25% of parents with children under 5 spent at least part on child care.

The credit itself is continuing in 2022, but will only come back to families once they file taxes at the beginning of 2023; the same goes for the current tax season and the other half of last year's credit that wasn't paid out monthly.

The child tax credit has been expanded significantly and the IRS may have just deposited a boatload of cash in your bank account.

Unlike the recent New Jersey tax credits that are going out now, these are coming from the Federal government.