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What is the Child Tax Credit?

by Intuit Updated 3 months ago

The Child Tax Credit is a tax credit you can claim for each qualifying dependent child on your return. You can get up to $2,000 for each child under age 17 if your modified adjusted gross income (AGI) is less than:

  • $400,000 if you're Married Filing Jointly or a Qualifying Surviving Spouse, or
  • $200,000 for all other filing statuses

If your AGI is higher than that, the amount of Child Tax Credit you're eligible for is reduced by $50 for each $1,000 your modified AGI is above the income threshold. For example, if you're Married Filing Jointly making $401,000, you’re eligible for a total credit of $1,950. 

To qualify, your child must meet all of these requirements:

  • Be under age 17 at the end of the tax year
  • Is your child, stepchild, foster child, adopted child, sibling, step sibling, half sibling, or a descendant of any of them (for example, a grandchild, niece, or nephew)
  • Has their own Social Security number
  • Lived with you for more than half the year
  • Didn't support themselves (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 don't qualify

In 2023, the tax credit will be refundable only up to $1,600, depending on your income. You must have earned income of at least $2,500 to be eligible for the refund.

For the latest news about the Child Tax Credit, check out the TurboTax blog.

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