The Child Tax Credit gives money to families who are struggling to make ends meet. According to the most recent report, about 48 million adults get this money to help pay for their children’s care.
This credit can be claimed by people with qualifying dependents under the age of 17. It comes in the form of a tax payment that is not refundable.
The IRS announced that the amount of the Child Tax Credit for fiscal year 2025 will be $1,700 per month.
This is the amount that is usually claimed on tax returns in 2026. There will be no change to this number for fiscal year 2024. The return will be due in early 2025.
To be eligible, you must meet a number of conditions, such as having a certain amount of income and having a child of a certain age.
To claim it on your federal tax return, you must fill out the Child Tax Credit Worksheet, which can be found in the instructions for Form 1040 or 1040-SR. The following conditions must also be met:
- A qualifying child must have a Social Security Number issued by the Social Security Administration before the due date of your tax return (including extensions).
- The qualifying child must be under the age of 17 at the end of the tax year.
- Meet relationship and residency tests for a uniform definition of qualifying child.
- Not providing more than half of their own support for the tax year.
- Have lived with you for more than half of the tax year, for exceptions for birth or death during the year, temporary absences, kidnapping or disappearance, or children of divorced or separated parents.
- Being claimed as a dependent on your return.
- Not file a joint return for the year (or file the joint return only to claim a refund of withheld or estimated taxes).
- Be a U.S. citizen, U.S. national or U.S. resident alien
- You must have a Social Security Number issued by the Social Security Administration before the due date of your tax return (including extensions).
