What is the Child Tax Credit? - Intuit Turbo Real Money Talk

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What is the Child Tax Credit?

If you have kids, you might qualify for the Child Tax Credit, which can reduce your tax bill by up to $2,000 per qualifying child. The 2017 Tax Cuts and Jobs Act (aka "tax reform") doubled the per-child credit amount from $1,000 in 2017 and prior tax years.

To qualify for the Child Tax Credit in 2018, your child must fit all of these requirements:

  • Born after December 31, 2001
  • Is your son, daughter, stepchild, foster child, adopted child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, a grandchild, niece, or nephew)
  • Has his or her own Social Security Number
  • Lived with you for more than half the year in 2018
  • Didn't support him/herself (i.e., didn't pay more than half their own expenses)
  • Is a U.S. citizen, U.S. national, or U.S. resident alien
    • Residents of Canada or Mexico wouldn't qualify

Up to $1,400 of the credit is refundable and is phased-in based on your earned income.  In most cases, you must have $2,500 or more of earned income to be eligible for any portion of the refundable Child Tax Credit.

The $2,000 per-child credit is reduced once your AGI reaches $200,000 (or $400,000 if you're filing jointly with your spouse).

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