If you have qualifying children, don’t worry. The failure to renew the expanded child tax credit didn’t eliminate the credit, it just kept it at the less generous version that existed before the American Rescue Plan.

There are several key differences between the expanded child tax credit parents enjoyed in 2021 and the pared-back one that was in effect for 2022 and so far, for 2023. First, it’s worth only $2,000 per qualifying child. In 2021, the souped-up version delivered $3,000 for children ages 6 and up and $3,600 for younger children.

Second, the expanded credit from 2021 was fully refundable, meaning that every single dollar went back to the taxpayer either in the form of a refund or by reducing the amount of tax owed on a dollar-for-dollar basis. In 2022 and 2023, the credit is only partially refundable, meaning that if no tax bill is owed, families can collect a maximum of only $1,500 as part of their refunds. In 2020, only 70% of the credit — or $1,400 — was refundable. However, that number was adjusted to $1,500 for inflation.

Finally, half of the credit wasn’t paid out in 2022 in advance monthly payments the way it was in 2021, and it won’t be in 2023 either.