The Child Tax Credit is worth up to ,000 per qualifying child for tax year 2024, with up to ,700 potentially refundable as the Additional Child Tax Credit.

Who Qualifies as a Qualifying Child?

  • Must be under age 17 at December 31 of the tax year
  • Must be your dependent
  • Must have a valid Social Security number β€” not just an ITIN (Individual Taxpayer Identification Number)

Income Phase-Out

The credit begins to phase out at:

  • ,000 of modified adjusted gross income for single filers
  • ,000 for married filing jointly

Watch for Repayment Surprises

Families who receive advance payments or credits in error may need to repay amounts that exceed what they are eligible for when the return is filed. If your income changed significantly during the year, a mid-year tax review can prevent a repayment surprise.