Child Tax CreditContent provided by H&R Block |
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Tax Tips from H&R Block
Overview
- Cut your tax bill by up to $1,000 for each qualifying child.
- Once modified adjusted gross income (MAGI) exceeds $110,000 if Married Filing Jointly, $55,000 if Married Filing Separately and $75,000 for all other filing statuses, the credit amount decreases by $50 for every $1,000 (or fraction of $1,000) it exceeds the limit.
- If your credit is limited by your tax and your earned income is more than $11,750, you may be eligible for the additional Child Tax Credit. You also may be eligible for this credit if you have at least 3 eligible children and the Social Security and Medicare tax you paid is more than your Earned Income Credit.
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