The child tax credit is a tax credit for families with children. For the 2020 tax year, the IRS allowed you to claim up to $2,000 per child under the age of 17. The 2020 child tax credit reduced the amount you may owe in taxes and it was partially refundable up to $1,400, which means even if you did not owe any taxes you could receive money back.
For 2021, the child tax credit amount has increased up to $3,600 for children under 6 and up to $3,000 for children ages 6 to 17. Also, the credit is now fully refundable.Typically, you qualify for the full payment if youris up to $75,000 for single filers and $150,000 for those who are married filing jointly. If your MAGI is more than these thresholds, the IRS will phase out the child tax credit payment in two steps.
The first phase reduces your child tax credit from $3,600 per child under the age of 6 to no lower than $2,000 by $50 for every $1,000 earned above the threshold. Next, if your MAGI exceeds $200,000 for single filers , the credit is reduced by $50 for every $1,000 earned, but not lower than $0.There is no minimum amount of income you must earn to receive the monthly child tax credit payments. Even if you did not work during the year or receive income from other sources, you can still qualify.
Your child must have a valid Social Security number and reside with you for at least half of the yearHow Much is The Monthly Child Tax Credit Payment? While the amount of your monthly child tax credit payment depends on your income, the number of qualifying children, and their ages, you can expect to receive up to $300 per child under the age of 6 .Payments are scheduled to start July 15 and carry through the end of the year.
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