Under 19
Under 24 if student for at least 5 months
This checklist will help you determine if you qualify for the child tax credit:
The credit is now refundable up to $3,000($3600 if under 6 yrs. old) limited if you modified adjusted gross income is above a certain amount. The amount varies depending on your filling status.
For taxpayers with children
No. of children | Max Credit |
– | $1,502 |
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$3,618 |
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$5,980 |
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$6,728 |
No. of children | Below |
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$49,622* |
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$55,529* |
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$59,187* |
*Max income for Married Filing Jointly |
Under 24 if student for at least 5 months
The credit will be reduced when AGI reaches $125,000. An eligible family with an AGI of $125,000 or less will get a credit worth 50% of their qualifying expenses. The credit further reduces from 50% to 20% for families with an AGI between $125,001 and $183,001. Credit will stay at 20% for families with an AGI from $183,001 to $400,000, but will continue to reduce again from 20% to 0% for families with an AGI above $400,000. If your AGI is above $438,000, the credit is completely phased out.
This year the credit is fully refundable up to $3000 ($3600 if under age 6) in Additional Child Tax Credit, but you first must qualify for the Child Tax Credit. If the amount of your Child Tax Credit is not limited by your income tax liability, you may be able to claim the Additional Child Tax Credit.
For each $1,000 by which the taxpayer’s adjusted gross income (AGI) exceeds $75,000 ($150,000 for joint fliers), the child tax credit is reduced by $50.The Additional Child Tax Credit is fully refundable less any tax liability. Tax-exempt combat pay counts as earned income for calculating the Additional Child Tax Credit.
CHILDREN UNDER 6 YRS OLD
UP TO $3600
CHILDREN UNDER 18
UP TO $3000
IRS Letter 6419
In January 2022, the IRS will send Letter 6419 to inform taxpayers of the total amount of advance payments of Child Tax Credits distributed to them in 2021—information that they will need for their 2021 tax returns.
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