I'm filing taxes with a child for the first time, so I asked an accountant what I need to know

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• As long as my child is under 17, with just a few criteria, I'm eligible for the child tax credit.
• A new law could raise the value of the credit, especially for families who don't owe taxes.
• It should be OK to file now even if the law hasn't passed yet — and that's what I'll be doing.

As I'm starting the process of filing my taxes for 2023, I'm realizing that this return will look a lot different from years past. Not only is this the first year that I'm filing jointly with my husband, but we just had a baby. In the past, my tax return was pretty straightforward. But this time, we're finding ourselves looking up different deductions and credits that we're eligible for as first-time parents.

I reached out to certified public accountant Paul Miller to learn more about the child tax credit and how the proposed changes could impact 2023 tax returns. Here's what he shared.

1. You're eligible for the child tax credit until your child is 17

I didn't know much about the current child tax credit and asked Miller if I was eligible.

"If you have a child under the age of 17, you could qualify to receive a child tax credit on your tax return," he said.

As of now, Miller said that the tax credit is up to $2,000 per child that qualifies, as long as your annual income is not more than $200,000 for a single taxpayer and $400,000 for couples filing jointly.

The IRS lists the requirements for eligibility on its website. Since my husband and I earn less than $400,000 in modified adjusted gross income and our child is under a year old, we should receive the child tax credit on our 2023 tax return.

Miller said that the biggest benefit of the child tax credit is that it saves a family money.

"With the child tax credit, you're getting a dollar-for-dollar credit against your taxes," he said. "Kids cost a lot of money. The government wants to encourage families to have children, and this credit is a way to give you $2,000 to offset your expenses."

2. The new child tax credit comes with a few big benefits

At the end of January, the House approved a bill called the Tax Relief for American Families and Workers Act of 2024. Inside the bill was an update to the child tax credit in two big ways.

First, Miller shared that the new child tax credit could change how much families would get back on their tax refund.

Right now, Miller said that if you don't owe taxes, the child tax credit would provide you with $1,600 back in your annual tax refund.

"In the proposed bill, a family would receive $1,800 in 2023, $1,900 in 2024, and $2,000 in 2025," he said.

However, Miller said that the biggest amendment to the child tax credit under this new bill would be how it allows people who earn less money to be eligible for the credit, even if they don't have the income.

"Right now, a filer must earn at least $2,500 to be eligible for the child tax credit," he said. "Under the new bill, people can opt to use earned income from the current year or prior year to meet the requirement."

Miller shared how significant this could be for low-income families who otherwise would miss out on receiving this benefit.

3. It's OK if you already filed your taxes

Currently the new tax bill is waiting for a Senate vote, and there's no definitive date on when that will take place. But since the deadline to file 2023 taxes is April 15, some people have already filed their taxes. If the new tax deal is passed by the Senate, Miller said those who already filed will still benefit from the changes.

"If these new tax changes pass in the senate, my assumption is that the IRS will adjust the return for those who filed already and send them the updated amount in their refund," he said. "This is similar to what they have done in the past, so there's no need to wait on filing your 2023 taxes."

In my case, I'll file my 2023 tax return soon regardless of whether the Senate has decided on the bill yet.