The Child Tax Credit is available on your 2020 income tax return that is filed in 2021. Child Tax Credit does not delay your refund however the Protecting Americans from Tax Hikes Act (PATH Act) prevents the IRS from issuing early refunds on any tax return that claims the Earned Income Tax Credit (EIC) and/or the refundable Additional Child Tax Credit.
To qualify for the Child Tax Credit, your child must fit all of these requirements:
- Be under age 17 at the end of the tax year
- 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
- Didn't support him/herself (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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