Monday, March 2, 2020

Tax Tip 2020-28: Child tax credit by the numbers

Bookmark and Share

 

IRS.gov Banner
IRS Tax Tips March 2, 2020

Useful Links:

IRS.gov

Help For Hurricane Victims


News Essentials

What's Hot

News Releases

IRS - The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions


The Newsroom Topics

Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams/Consumer Alerts

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News


IRS Resources

Compliance & Enforcement News

Contact Your Local IRS Office

Filing Your Taxes

Forms & Instructions

Frequently Asked Questions

Taxpayer Advocate Service

Where to File

IRS Social Media

 


Issue Number: Tax Tip 2020-28


Child tax credit by the numbers


Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don't owe any tax.

The taxpayer's qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. 

A dependent who doesn't have the required SSN may be eligible to be claimed for the credit for other dependents.

Here are some numbers to know before claiming the child tax credit or the credit for other dependents.

  • $2,000: The maximum amount of the child tax credit per qualifying child.

  • $1,400: The maximum amount of the child tax credit per qualifying child that can be refunded even if the taxpayer owes no tax.

  • $500: The maximum amount of the credit for other dependents for each qualifying dependent who isn't eligible to be claimed for the child tax credit. This can include dependents over the age of 16 and dependents who don't have the required SSN.

  • $400,000: The amount of adjusted gross income for taxpayers who are married taxpayers filing a joint return before the credit is reduced.

  • $200,000: The amount of adjusted gross income for all other taxpayers before the credit is reduced.


The Does My Child/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents tool helps taxpayers determine if a dependent is eligible to be claimed for either of these credits.


More information:
Whom May I Claim as a Dependent?

Share this tip on social media -- #IRSTaxTip: Free IRS programs help many taxpayers prepare and file returns. https://go.usa.gov/xdpUC

Back to Top

FaceBook Logo  YouTube Logo  Instagram Logo  Twitter Logo  LinkedIn Logo


Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 


This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535 GovDelivery logo

No comments:

Post a Comment