Child Tax Credit
Beginning with Tax Year 2018, you may able to claim the Child Tax Credit if you have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. Up to $1,400 of the credit can be refundable for each qualifying child as the Additional Child Tax Credit. A refundable tax credit may give you a refund even if you don’t owe any tax.
Your qualifying child must have a Social Security Number issued by the Social Security Administration before the due date of your tax return (including extensions) to be claimed as a qualifying child for the Child Tax Credit or Additional Child Tax Credit.
Credit for Other Dependents
Dependents who can’t be claimed for the Child Tax Credit may still qualify you for the Credit for Other Dependents. This is a non-refundable tax credit of up to $500 per qualifying person. The qualifying dependent must be a U.S. citizen, U.S. national, or U.S. resident alien.
More families may be eligible for the Child Tax Credit or the Credit for Other Dependents. Both credits begin to phase out at $200,000 of modified adjusted gross income ($400,000 for married couples filing jointly), compared with 2017 levels of $75,000 for single taxpayers and $110,000 for married couples filing jointly.
Use the IRS’s Interactive Tax Assistant beginning in January to see if you’re eligible to claim the Child Tax Credit or Credit for Other Dependents.
Other Items You May Find Useful
Publication 5307, Tax Reform Basics for Individuals and Families