Child Tax Credit Calculator
Calculate your Child Tax Credit (CTC) amount for 2024. The CTC provides up to $2,000 per qualifying child under age 17, partially refundable.
Child Tax Credit Summary
Payment Information
2024 vs 2023 Comparison
Understanding the Child Tax Credit
The Child Tax Credit (CTC) is a tax benefit for families with qualifying children under age 17. For tax year 2024, the credit is worth up to $2,000 per qualifying child and is partially refundable.
CTC Eligibility Requirements
Child Requirements
- Under age 17 at end of tax year
- Qualifying child for tax purposes
- Lived with you for more than half the year
- Provided more than half their support
Taxpayer Requirements
- File a federal tax return
- Have valid SSN or ITIN
- Modified AGI below phase-out threshold
- Child must be claimed as dependent
Credit Amounts and Phase-Out Rules
| Filing Status | Full Credit | Phase-Out Begins | Phase-Out Ends |
|---|---|---|---|
| Married Filing Jointly | $2,000 per child | $400,000 | $450,000 |
| Head of Household | $2,000 per child | $300,000 | $350,000 |
| Single/Other | $2,000 per child | $200,000 | $250,000 |
How the Phase-Out Works
The Child Tax Credit phases out based on modified adjusted gross income (MAGI). For each $1,000 of income above the phase-out threshold, the credit is reduced by $50 per child.
Phase-Out Calculation
Reduction = (MAGI - Threshold) × (Number of Children) × $50
Example: Married couple with $420,000 MAGI and 2 children
Reduction = ($420,000 - $400,000) × 2 × $50 = $2,000
Refundable vs Non-Refundable
Non-Refundable Portion
Up to $2,000 per child, reduces tax liability to zero
- Limited by federal tax liability
- Cannot create a refund by itself
- Applied against taxes owed
Refundable Portion (Additional CTC)
15% of the amount above $2,500 in earnings
- Can result in a refund
- Maximum refundable amount: $1,500 per child
- Requires earned income
2024 Changes from 2023
| Feature | 2023 | 2024 | Change |
|---|---|---|---|
| Credit Amount | $2,000 | $2,000 | No change |
| Phase-Out Threshold | $400K (MFJ) | $400K (MFJ) | No change |
| Inflation Adjustment | No | Yes | New feature |
Filing and Payment
When to Claim
- Claim on Form 1040
- Claim on Schedule 8812 if refundable portion
- Can be claimed by one parent only
- Due with tax return (April 15, 2025 for 2024)
Payment Timing
- Applied as tax refund
- Direct deposit or paper check
- Processed after tax return filing
- May take several weeks
Key Takeaways
- Child Tax Credit provides up to $2,000 per qualifying child under 17
- Credit phases out for high-income taxpayers
- Partially refundable up to $1,500 per child
- Requires qualifying child and sufficient earned income
- Claimed on federal tax return, can result in refund
- 2024 amounts are adjusted for inflation
- Consult tax professional for complex situations