Through the Child Tax Credit, families are eligible to receive a tax credit of up to $2,000 for each child in their care under the age of 17.

Even if you don’t normally file income taxes or are not the child’s biological parent, you likely qualify—so long as you earned at least $2,500 from working in 2023. The Child Tax Credit will first be used to offset any taxes you might owe on your earnings. If you don’t owe any taxes, you will receive a cash refund of up to $1,500 per child.

Am I eligible for the Child Tax Credit?

You may qualify for the Child Tax Credit if you meet all of these criteria.

• You are a parent, guardian or caregiver with dependent children under 17. Children who turn 17 on or before Dec. 31, 2023 are not eligible.
• The child has lived with you for at least six months in 2023 and you provide the majority of the financial support for the child. You do not have to be the child’s biological parent or have formal custody to qualify.
• The child has a Social Security Number. If you do not have a Social Security number, you can still file your taxes with an Individual Tax Identification Number (ITIN), but the child must have a Social Security Number to receive the Child Tax Credit.
• You earned at least $2,500 from working in 2023.
• You fall below the following income limits to receive the full benefit.
  • If you are single and meet the requirements for filing taxes as a head of household, your income must be under $200,000.
  • If you have a spouse and choose to file your taxes jointly, your combined income must be under $400,000.

 

What about the big monthly payments and lump sum payments that I got for 2021?

In 2021, Congress approved monthly payments of up to $300 per child, per month. Unfortunately, these monthly payments have not been renewed by Congress.