Here are some Child Tax Credit numbers to know from the website, IRS.gov. The numbers were updated in March 2020.
- 2,000: The maximum amount of the child tax credit per qualifying child.
- $1,400: The maximum amount of the child tax credit per qualifying child that can be refunded even if the taxpayer owes no tax.
- $500: The maximum amount of the credit for other dependents for each qualifying dependent who isn’t eligible to be claimed for the child tax credit. This can include dependents over the age of 16 and dependents who don’t have the required Social Security Number.
- $400,000: The amount of adjusted gross income for taxpayers who are married taxpayers filing a joint return before the credit is reduced.
- $200,000: The amount of adjusted gross income for all other taxpayers before the credit is reduced.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[9]
[9] IRS.gov, February 28, 2020
