Income went down in 2020 and so did child tax credit?

[iCarol]

Whether I pick the 2020 or 2019 income option, our child tax credit went from $2500 (2019) to $1000 (2020).

Income was $246,00 (2019) and $226,000 (2020) MFJ.

I cannot see that the child tax credit changed at all and am wondering if I am missing something?

I realize we don't get the whole thing but don't understand why it would be larger with more 2019 income.

One is 17 and qualifies the other was 19/20 the past two tax years.

Searching for any kind of credit since we qualify for almost nothing with SALT limits and no checks either (not complaining but tax burden keeps going up).

thanks,

iCarol

[KrisD15]

The Child Tax Credit is on children UNDER 17. If your child turned 17 in 2020, they would no longer be eligible. 

Requirements for Child Tax Credit

[iCarol]

Thanks - confusing as the new Biden rules are "17 and under" and also increased the income eligible. I don't get it as 17yo at home are expensive! But now that he's turning 18 - time for a job!

iCarol

[KathrynG3]

No, the Child Tax Credit and Additional Child Tax Credit for 2020 remain at under 17 years old. But, you are correct for 2021. The rules do change to provide $3,600 for each child under 6 and $3,000 for children 6-17 from $2,000 for children under 17.

To see the 2020 rules for Qualifying Child for the Child Tax Credit, click 2020 Publication 972 Child Tax Credit and Credit for Other Dependents.

For more information, see: How will the third stimulus impact me?