The Child Tax Credit amount for 2024

The Child Tax Credit is worth up to $2,000 per child under age 17 for the 2024 tax year. The exact amount you receive depends on your income level and filing status. If your income is below certain thresholds, you get the full $2,000 per child. Once your income rises above those thresholds, the credit begins to reduce by $50 for every $1,000 (or fraction of $1,000) of income over the limit.

The income thresholds where the credit starts to phase out are $400,000 for married couples filing jointly and $200,000 for all other filers. These thresholds have remained the same since 2018 and do not adjust for inflation each year.

A child must be claimed as your dependent, be under age 17 at the end of the tax year, be a U.S. citizen, national, or resident alien, and have a valid Social Security number for you to claim the credit. You must also have a valid tax filing status — the credit is available to single filers, married couples filing jointly, and heads of household, but not to married couples filing separately.

Key Takeaways

  • The Child Tax Credit is $2,000 per may have access to child under age 17 for the 2024 tax year, but this amount reduces if your income exceeds $400,000 (married filing jointly) or $200,000 (other filers).
  • The credit phases out at a rate of $50 for every $1,000 of income above the threshold, so your actual credit may be less than $2,000 per child.
  • Each child must have a valid Social Security number, be under 17 at year-end, and be claimed as your dependent to count toward the credit.
  • Part of the credit may be refundable, meaning you could receive money back even if you owe no tax, though the refundable portion has limits.

How the credit reduces based on your income

If your modified adjusted gross income (MAGI) is above the threshold for your filing status, you lose $50 of the credit for each $1,000 of income over that threshold. The IRS rounds up any fraction of $1,000, so even $1 over a $1,000 increment costs you $50.

For example, if you are married filing jointly with MAGI of $401,500 and two children, your income is $1,500 over the $400,000 threshold. That rounds up to two $1,000 increments, so you lose $100 of credit ($50 × 2). Your credit would be $3,900 instead of $4,000.

The phase-out applies to your total credit for all children combined, not per child. Once the credit reaches zero, it does not go below zero — you cannot use it to create a loss on your return.

Refundable versus non-refundable portions

The Child Tax Credit has two parts: a non-refundable portion and a refundable portion called the Additional Child Tax Credit. The non-refundable portion reduces the tax you owe. The refundable portion can result in a payment to you even if you owe no federal income tax.

For 2024, up to $1,700 per child of the $2,000 credit is refundable. This means if your tax liability is $500 and you have one may have access to child, you would use $500 of the credit to eliminate your tax, and the remaining $1,200 of the refundable portion would be paid to you as a refund (up to the $1,700 refundable limit per child).

The refundable portion is limited by your earned income. You must have earned income (wages, self-employment income, or certain other income) of at least $2,500 to claim any refundable portion. The refundable credit cannot exceed 15% of your earned income over $2,500.

Children who do not count toward the credit

A child does not count toward the Child Tax Credit if they are age 17 or older at the end of the tax year, even if they are still your dependent. A child also does not count if they do not have a valid Social Security number or if they are not a U.S. citizen, national, or resident alien.

If a child is claimed as a dependent by another person (such as a grandparent or other relative), you cannot claim the credit for that child. Only one person can claim the credit per child in a given year. If you and another person both claim the same child, the IRS will disallow one of the claims and may assess penalties.

Foster children and adopted children count toward the credit if they meet all other requirements and are claimed as your dependent on your return.

How to claim the credit on your tax return

You claim the Child Tax Credit on Form 1040 (U.S. Individual Income Tax Return) or Form 1040-SR (for taxpayers age 65 and older). The credit is entered on Schedule 8812 (Credits for may have access to Children and Other Dependents) if you need to calculate the refundable portion or if your income is high enough that the credit phases out.

You will need the name, age, and Social Security number of each may have access to child. The IRS matches this information against Social Security Administration records, so the name and number must be exact and the child must actually exist in the system.

If you use tax software or file with a tax professional, the software or professional will walk you through the questions to determine how much credit you can claim and will place it in the correct location on your return.

Differences from the expanded credit in prior years

In 2021 and 2022, Congress temporarily expanded the Child Tax Credit to $3,000 per child (or $3,600 for children under age 6) and made the credit fully refundable. That expansion ended after 2022. For 2023 and 2024, the credit returned to $2,000 per child with the phase-out thresholds and refundable limits described above.

The temporary expansion also allowed the IRS to send advance payments of the credit to families in 2021. Those advance payments are no longer available. You now claim the full credit on your tax return for the year the child qualifies.

Frequently Asked Questions

What if my child turns 17 during the tax year?

Your child must be under age 17 at the end of the tax year (December 31) to count toward the credit. If your child turns 17 on December 31, they do not count. If they turn 17 on January 1 of the following year, they count for the prior year.

Can I claim the credit if my child does not have a Social Security number yet?

No. Your child must have a valid Social Security number by the time you file your return. If your child was born late in the year and does not yet have a number, you can request one from the Social Security Administration or explore for one when you file your return, but the return cannot be processed until the number is provided.

What happens if I claim a child and the IRS says I cannot?

The IRS will disallow the credit and send you a notice. If another person also claimed the same child, the IRS will determine who has the right to claim based on who has custody or who is the parent. You may owe back tax plus interest, and the IRS may assess a penalty if the error was not reasonable.

Does the credit reduce my refund or increase it?

The credit first reduces any tax you owe. If the credit is larger than your tax liability, the refundable portion (up to $1,700 per child for 2024) can result in a refund payment to you. If you are due a refund before the credit is applied, the credit will increase that refund.

Can I claim the credit if I am a dependent on someone else's return?

No. You cannot claim the Child Tax Credit for your own children if you are claimed as a dependent on another person's return (such as your parent's return). Your parent would claim the credit for your children if they meet the requirements.