Child Tax Credit
Up to $2,000 credit per qualifying child under age 17.
Credit phases out at $400,000 for married couples filing jointly and $200,000 for single filers.
Refundable portion of up to $1,600 (subject to phase-out).
Qualifying Child:
Biological child, stepchild, adopted child, foster child, brother, sister, or descendant.
Under age 17 at the end of the tax year.
Lived with you for more than six months.
Citizen, national, or resident of the US.
Other Dependent-Related Credits:
Credit for Other Dependents (ODC): Up to $500 credit for dependents who don't qualify for the Child Tax Credit (e.g., children 17+, elderly parents).
Child and Dependent Care Credit: Credit for childcare expenses while working or looking for work.
Eligibility and Income Limits:
Child Tax Credit phase-out ranges from $200,000 to $400,000 for joint filers.
Other dependent credits may have different income limits or phase-outs.
Key Considerations:
Social Security number required for each qualifying child.
Credit claimed on Form 1040.
Forms and Claiming the Credit:
Claim the Child Tax Credit on Form 1040.
Complete Schedule 8812 for additional information.