March 13, 2020
If you claim at least one child as your dependent on your tax return, you may be eligible to benefit from the Child Tax Credit. You should review the eligibility rules to make sure you qualify. Even if you haven't qualified in the past, life circumstances often change and you may now be able to claim the credit.
Here are some important details about the Child Tax Credit:
- The maximum amount of the credit is $2,000 per qualifying child.
- You must list on your tax return the name and Social Security Number for each dependent you're claiming for the Child Tax Credit.
- Your dependent for the Child Tax Credit must meet all the rules to be claimed as a qualifying child, and further, must be under age 17.
- The credit begins to phase out at $200,000 of modified adjusted gross income. This amount is $400,000 for married couples filing jointly.
- If your dependent does not qualify for this credit, you might be able to claim the Credit for Other Dependents.
- You can find out more by reading Publication 972, Child Tax Credit.
You can use the Interactive Tax Assistant to see if you're eligible to claim the Child Tax Credit or Credit for Other Dependents.