The 2023 tax year (tax returns filed in 2024), the child tax credit will be worth $2,000 per qualifying child, with $1,700 being potentially refundable through the additional child tax credit. The refundable portion, i.e., additional CTC Is worth up to $1,600.
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How much is the CTC for 2024?
The Child Tax Credit (CTC) is a provision of the tax code that reduces tax liability up to $2,000 per qualifying child.
In 2023, for tax returns filed in 2024, the child tax credit will amount to $2,000 per eligible child. Potentially, $1,700 of this credit can be refunded through the additional child tax credit, which is capped at $1,600.
The maximum refundable child tax credit would increase to $1,800 for 2023 tax returns, $1,900 for the following year, and $2,000 for 2025 tax returns.
Child Tax Credit Eligibility for 2023 (Filed in 2024)
To claim the Child Tax Credit (CTC) for the 2023 tax year (filed in 2024), your child needs to meet several eligibility requirements:
Basic Requirements:
- Your child must be under 17 years old as of December 31, 2024.
- Your child must be your biological child, adopted child, foster child placed with you by a court or authorised agency, or stepchild (living with you for more than half the year).
- Your child must be a resident alien, citizen, or national of the United States and have a current Social Security number.
- You must claim your child as a dependent on your tax return.
- It is required that your child resided with you for over half of the year.
- You must have provided more than half of your child’s financial support during the year.
Child Tax Credit for 2024 Amount
The base Child Tax Credit (CTC) amount for the 2024 tax year (filed in 2025) remains at $2,000 per qualifying child under the age of 17, your income level may affect the amount you receive:
Single Filers:
- You’ll receive the full credit if your Adjusted Gross Income (AGI) is under $75,000.
- The credit starts to phase out above this threshold and is completely eliminated at $112,500 AGI.
Head of Household Filers:
- You’ll receive the full credit if your AGI is under $112,500.
- The credit starts to phase out above this threshold and is completely eliminated at $150,000 AGI.
Married Filing Jointly:
- You’ll receive the full credit if your combined AGI is under $150,000.
- The credit starts to phase out above this threshold and is completely eliminated at $187,500 AGI.
- Up to $1,700 of the credit is potentially refundable through the Additional Child Tax Credit, even if you owe no federal income tax.
Child Tax Credit for 2024 Application
There’s actually no separate application process for the Child Tax Credit (CTC) for 2024 (filed in 2025). You’ll claim it when you file your 2024 federal tax return in 2025. Here’s how it works:
Claiming the Credit:
Gather Your Documents:
- Your Social Security number and your spouse’s, if filing jointly.
- Social Security numbers of all qualifying children you’re claiming.
- Proof of relationship to each child (birth certificates, adoption papers,etc.).
- Proof of residency for each child (e.g.,school records, medical records, utility bills).
- Proof of Financial Support: If requested, you may need to provide documentation showing you provided more than half of your child’s financial support
- Income Statements: Collect your W-2s,1099s, or other relevant tax forms to report your income.
File Your Tax Return:
- Use Form 1040 or 1040-SR to file your 2023 federal income tax return.
- Include Schedule 8812, “Credits for Qualifying Children and Other Dependents.” This schedule specifically calculates your CTC amount and determines your eligibility for any refundable portion.
- You can file your return electronically or by mail.
Submit Your Return:
- Original Deadline: April 15, 2025.
- Extension Deadline: October 15, 2025 (if you file for an extension).
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