Turbotax calculator 20169/8/2023 ![]() ![]() You or your household needs to earn at least $2,500 per year.Your children must have a Social Security number.In order to be eligible for the child tax credit, there are a few requirements that you need to meet: Lastly, your child tax credit starts to phase out when your annual income exceeds $112,500 if you are filing as a head of household. On the other hand, if you are filing a joint return, the phasing out only starts when your combined annual income exceeds $150,000. If you are filing for a single return, your child tax credit phases out if your annual income exceeds $75,000. Next, you need to determine your filing status as it vastly impacts the amount of child tax credit you will be receiving. For example, if your child's 18th birthday is before the end of the 2021 tax year, he or she will not be eligible for the child tax credit. Please be aware that your children need to be under 18 years old, or 6 years old if you are looking at claiming up to $3,600, at the end of the 2021 tax year to be eligible for the child tax credit. Number of your children with age between 6 and 17 (below 18 years old) - you can receive up to $3,000 for each one. ![]() Number of your children with age 6 or below - you can receive up to $3,600 for each one and.The next step is to determine the number of your children and their age. Determine the number of dependents and their age.Hint: You can read more about AGI and its modified version in the MAGI calculator. Take into account your adjusted gross income.Īs mentioned above, your child tax credit will start to phase out when your annual income exceeds a certain amount.Since you will be receiving the money in terms of the tax credit, you need first to make sure that you have filed your tax return to be eligible. Calculating the child tax credit is actually less complicated than it seems. ![]()
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