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How do I calculate the child tax credit?

Determine the amount of the tax credit. Multiply the number of qualifying dependents by $1,000 to get the maximum credit amount. For example, if you have three qualifying dependents, the maximum child tax credit is $3,000. If your Modified Adjusted Gross Income (MAGI) exceeds $110,000 for married filing jointly,...

What is the current child tax credit?

This new tax plan included the following changes to the CTC: The credit amount (per child) increased from $1,000 to $2,000. The CTC is refundable up to $1,400. ... Children must have a Social Security number to qualify. The earned income threshold to qualify for the CTC is $2,500. The CTC phases out at an income level of $200,000 for single filers and $400,000 for joint filers. ... More items...


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