Good afternoon, mmorondo!
Thank you for joining us!
Yes, you do need to make a minimum amount of income to qualify for the Child Tax Credit.
You must have earned income of at least $2,500 to be eligible for the Child Tax Credit (CTC) refund in 2022 and 2023. This changed significantly from the temporary provisions that were put in place for the 2021 child tax credit. In 2021, you could get upto a $3600 child tax credit, for children under 6, and $3000 for a child between 6 and 17, even if you had no income or did not work.
Yhe maximum allowed amount of child tax credit for 2023, was $2000 per child; the refundable portion or the “additional child tax credit” amount is $1600. The refundabl amount of credit is calculated by multiplying the amount of income earned above $2500, by 15%, and is potentially refundable, up to the full $1600 per child.
Also, you should be aware that there are currently several provisions being considered currently by the U.S. Congress, and that there may be some changes to the Child Tax Credit rules and qualifications, for 2024.
For additional information, please see:
Please feel free to reach backout with any additional questions or concerns you might have!
Have a great rest of your day!
Terri Lynn, EA
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