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 exceeds certain thresholds, the credit begins to reduce by $50 for every $1,000 (or fraction thereof) over that limit.

For 2024, the income thresholds where the credit starts to phase out are $400,000 for married couples filing jointly and $200,000 for single filers and heads of household. If your income is below these amounts, you may receive the full $2,000 per may have access to child.

The credit is partially refundable, meaning you can receive money back even if you owe no taxes. The refundable portion is called the Additional Child Tax Credit, and it is limited to $1,700 per child for 2024. This means if your tax liability is less than $2,000 per child, you may still receive a refund up to $1,700 per child, depending on your earned income.

Key Takeaways

  • The Child Tax Credit is worth $2,000 per child under age 17 for the 2024 tax year.
  • The credit phases out if your income exceeds $400,000 (married filing jointly) or $200,000 (single or head of household).
  • Up to $1,700 of the credit per child is refundable, meaning you may receive money back even if you owe no federal income tax.
  • You must have a valid Social Security number for each child to claim the credit on your tax return.

Income Limits and How the Credit Reduces

Once your income crosses the threshold for your filing status, the credit decreases. For every $1,000 over the limit (or any part of $1,000), the credit drops by $50 per child. This reduction happens automatically when you file your return—you do not need to calculate it yourself.

For example, if you are married filing jointly with income of $410,000 and two may have access to children, your income is $10,000 over the $400,000 threshold. That means your total credit of $4,000 ($2,000 × 2 children) reduces by $500 ($50 × 10 increments of $1,000), bringing your credit down to $3,500.

If your income is very high, the credit can reduce to zero. However, most families with children will not reach an income level where the credit disappears entirely.

What Makes a Child may have access to

To claim the Child Tax Credit for a child, that child must be your dependent, under age 17 at the end of the tax year, and have a valid Social Security number. The child must also be a U.S. citizen, national, or resident alien.

The child must live with you for more than half the tax year. If you are divorced or separated, the parent with custody for the greater part of the year generally claims the credit, unless you have a written agreement saying otherwise.

You can claim the credit for biological children, stepchildren, adopted children, and in some cases foster children or siblings. The child does not have to be a minor for the entire year—they just need to be under 17 on December 31 of the tax year.

Refundable vs. Non-Refundable Portions

The Child Tax Credit has two parts. The first $300 per child is non-refundable, meaning it can only reduce the tax you owe. If you owe $500 in federal income tax and have a $2,000 credit, the non-refundable portion covers part of that $500, but you do not get the remainder back.

The remaining $1,700 per child (for 2024) is refundable through the Additional Child Tax Credit. This portion can result in a refund even if you owe no taxes. To receive the refundable portion, you generally must have earned income of at least $2,500 during the year.

The refundable amount is limited to 15 percent of your earned income above $2,500, or $1,700 per child, whichever is less. This means if you have very low earned income, your refundable credit may be smaller than the full $1,700.

How to Claim the Credit on Your Tax Return

You claim the Child Tax Credit by listing each may have access to child on your federal tax return. You will need their full name, date of birth, and Social Security number. This information goes on Schedule 8812 if you are claiming the refundable portion, or directly on Form 1040 if you are only claiming the non-refundable portion.

If you use tax software, the program will ask you questions about your children and calculate the credit for you. If you file by paper, you will fill out the appropriate schedules and attach them to your return.

You can only claim the credit once per child per tax year. If you and another person both claim the same child, the IRS will disallow one of the claims and may delay your refund while they investigate.

Advance Payments and Monthly Distributions

In some years, the IRS has issued advance payments of the Child Tax Credit directly to families throughout the year, rather than waiting until tax time. These payments were made monthly to may be able to access families. However, advance payments are not automatic every year—they depend on legislation passed by Congress.

If you received advance payments, you must account for them when you file your tax return. The IRS will tell you how much you received, and you may owe some of it back if your income was higher than expected or if you claimed a child who did not may have access to. You may also receive an additional refund if the advance payments were less than the full credit you are may have access to to.

Check the IRS website or your tax software for information about whether advance payments are being issued for the current tax year.

Changes to the Credit Amount Over Time

The Child Tax Credit amount changes from year to year based on inflation adjustments. The $2,000 amount has been in place since 2017, but the income thresholds where the credit phases out are adjusted annually for inflation. The refundable portion ($1,700 for 2024) also adjusts each year.

Before 2017, the credit was $1,000 per child. Congress set the current $2,000 amount as part of the Tax Cuts and Jobs Act, and that amount is scheduled to return to $1,000 after the 2025 tax year unless Congress extends it. The income thresholds and refundable limits will continue to adjust for inflation regardless of whether the credit amount changes.

Always check the IRS website or current tax guidance for the credit amount and limits that explore to the tax year you are filing for, since these figures change annually.

Frequently Asked Questions

Can I claim the Child Tax Credit if I do not owe any taxes?

Yes, if you have earned income of at least $2,500, you may receive a refund through the refundable portion of the credit (up to $1,700 per child for 2024). Even if your tax liability is zero, you can still benefit from the credit.

What if my child was born on December 31?

Your child must be under age 17 on December 31 of the tax year to may have access to. A child born on December 31 is still under 17 on that date, so they may have access to for that tax year.

Do I lose the credit if my income is slightly over the threshold?

No, the credit does not disappear at the threshold—it reduces gradually. For every $1,000 over the limit, the credit decreases by $50 per child. Most families will still receive a substantial credit even if their income exceeds the threshold.

Can I claim the credit for a child who does not live with me full-time?

The child must live with you for more than half the tax year. If custody is shared and the child lives with each parent roughly equally, the parent with the higher adjusted gross income typically claims the credit, unless you have a written custody agreement that says otherwise.

What happens if I claimed the wrong child by mistake?

If you discover you claimed a child who did not may have access to, you should file an amended return using Form 1040-X to correct the error. The IRS may assess penalties and interest if the error resulted in a larger refund than you were may have access to to.