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Frequently Asked Questions

What is a Schedule 3 on a 1040 Form?

The refundable credits on Schedule 3 include: The net premium tax credit and the health coverage tax credit, which help offset the cost of health insurance for people with low or moderate income There's also a catchall line for other credits and tax payments that don't fit anywhere else. Who needs to file Form 1040 Schedule 3?

What is the amount of the child tax credit for 2021?

Q C1. What is the amount of the Child Tax Credit for 2021? (added June 14, 2021) A1. For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to: $3,000 for children ages 6 through 17 at the end of 2021. Note: The $500 nonrefundable Credit for Other Dependents amount has not changed.

Do I need to file a Schedule 3?

You only need to file Schedule 3 if you're claiming any of the tax credits or made any of the tax payments mentioned above. Remember, with TurboTax, we'll ask you simple questions about your life and help you fill out all the right tax forms.

How does the child tax credit phaseout work?

The first phaseout can reduce the Child Tax Credit to $2,000 per child. That is, the first phaseout step can reduce only the $1,600 increase for qualifying children ages 5 and under, and the $1,000 increase for qualifying children ages 6 through 17, at the end of 2021.


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