The Child Tax Credit (CTC) is a government benefit aimed at assisting families with the expenses of raising children. During the COVID-19 pandemic, the credit was enhanced under the American Rescue Plan, becoming refundable and increasing to $3,600 for children under 6 and $3,000 for those aged 6 to 17. This expanded credit can still be claimed, as the IRS allows filers to amend their taxes up to three years after the filing season ends. To qualify, the child must be under 18 at the end of the tax year, and the filer must be a parent, relative, or guardian providing over half of the child’s financial support. Income limits apply, with the phase-out beginning at $200,000 for married couples and $100,000 for other taxpayers. Claiming the credit is done through filing taxes, where the qualifying children are listed on Form 1040 and a completed Schedule 8812 is attached.
2024 Child Tax Credit payment: Schedule, eligibility criteria, and application process explained for $3000 payments
Updated on May 29, 2024