The amount you are eligible to receive depends on a number of factors like income and the number and ages of dependents. Here’s everything you need to know.
By Georgina Tzanetos
See: How Is the Child Tax Credit Calculated? Find Out Before the First Payment on July 15 Find: IRS Updates Child Tax Credit Direct Deposit Portal
In order to receive the full benefit amount of $3,600, you will need to meet the income threshold of $75,000 or under for single filers and claim dependents from 5 years of age and under. This means under 6 years of age i.e. 5 years and 11 months, 5 years 11.5 months, etc. The income threshold for joint filers is $150,000 and under.
In order to receive $3,000, the same income thresholds still apply, but the dependent ages are different. You will be able to receive $3,000 for each dependent aged 6-17 years of age.
Discover: Making the Child Tax Credit Permanent Would be a Boost to the Economy, According to Some Experts
Important to note for divorced or separated parents — even if custody is shared, only one person can claim the tax credit. The child must live with that parent for more than 6 months a year in order to claim the credit.
For other dependent children aged 18 and then full-time college children aged 19-24, parents can receive a nonrefundable credit of up to $500 for each dependent child.
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