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You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return). Parents and guardians with higher incomes may be eligible to claim a partial credit.
Here is what you should know about the child tax credit for this year's tax season and whether you qualify. The maximum tax credit per qualifying child is $2,000 for children under 17. For the...
Use Schedule 8812 (Form 1040) to figure your child tax credit (CTC), credit for other dependents (ODC), and additional child tax credit (ACTC). The CTC and ODC are nonrefundable credits. The ACTC is a refundable credit.
For 2023, the initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where modified AGI income exceeds $200,000 ($400,000 in the case of a joint return).
See how much the 2023 child tax credit is worth, how to claim it on your federal tax return, and differences in the child tax credit 2023 vs. 2022’s credit.
What Is the 2023 Child Tax Credit Amount? For the 2023 tax year, you can get a maximum tax credit of $2,000 for each qualifying child under age 17—although there is an income limit of $400,000 for married couples and $200,000 for individuals. 1
For 2023 taxes (for returns filed in 2024), the Child Tax Credit is worth $2,000 for each qualifying child. You can claim this full amount if your income is at or below the modified adjusted gross income threshold (see the income phase out information below).
ACTC is refundable for the unused amount of your Child Tax Credit up to $1,700 per qualifying child for tax year 2024 and $1,600 for 2023. The amount of your Child Tax Credit will be reduced if your adjusted gross income exceeds $400,000 if married filing jointly or $200,000 for all other tax filing statuses.
How much is the tax credit per child? The maximum tax credit per child is $2,000 for tax year 2023. The maximum credit is set to increase with inflation in 2024 and 2025. How many children can...
The American Rescue Plan increased the amount of the Child Tax Credit from $2,000 to $3,600 for qualifying children under age 6, and $3,000 for other qualifying children under age 18. The credit was made fully refundable.