Did one (or more) of your dependents turn 17 in 2019? If so, this will keep you from getting the Child Tax Credit for them. Another factor that can impact the amount of credit received is your income. Income over certain thresholds will cause the credit to be reduced. There are multiple requirements for the Child Tax Credit, below:
A child must meet the following eight requirements to be considered a qualifying child for the Child Tax Credit:
- Is the taxpayer’s son, daughter, stepchild, foster child, sibling, stepsibling, half brother, half sister, or a descendent of any of them (grandchild, niece, nephew, etc.),
- Lived with the taxpayer for more than half of the year,
- Was under age 17 at the end of the year,
- Did not provide over half of his or her own support during the year,
- Is a U.S. citizen, U.S. national, or U.S. resident alien (child tax credits are not allowed for nonresident alien children residing in Canada or Mexico even if they qualify as dependents),
- Is younger than the taxpayer claiming the child,
- Does not file a joint tax return unless the return is filed to claim a refund and no tax liability would have existed had the child and spouse filed separately, and
- Is claimed as a dependent of the taxpayer claiming the Child Tax Credit.
Please read the requirements below or visit IRS Pub 972 Child Tax Credit for more details.
The maximum amount for the Child Tax Credit is $2,000 for each qualifying child. The Child Tax Credit is reduced if either (1) or (2), below, applies.
1) The tax before nonrefundable credits on Form 1040, is less than the credit. If the amount is zero, a taxpayer cannot take the credit because there is no tax to reduce.
2) Modified adjusted gross income (AGI) is more than the amount shown for filing status, below. Child Tax Credit phaseout begins:
Single, HOH, QW: $200,000
MFJ: $400,000
MFS: $200,000
For more information, click here.
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