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FYI: Tax Knowledge

Child tax credit 2023
(taxes filed in 2024)

For 2023, the child tax credit is worth $2,000 per qualifying dependent child! The refundable portion, also known as the additional child tax credit, is worth up to $1,600.

There are seven qualifications you and your qualifying child must meet:

1. Age: Your child must have been under the age of 17 at the end of 2023.

2. Relationship: The child you’re claiming must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of those people (e.g., a grandchild, niece or nephew).

3. Dependent status: You must be able to properly claim the child as a dependent. The child also cannot file a joint tax return, unless they file it to claim a refund of withheld income taxes or estimated taxes paid.

4. Residency: The child you’re claiming must have lived with you for at least half the year (there are some exceptions to this rule).

5. Financial support: You must have provided at least half of the child’s support during the last year. In other words, if your qualified child financially supported themselves for more than six months, they’re likely considered not qualified.

6. Citizenship: Per the IRS, your child must be a "U.S. citizen, U.S. national or U.S. resident alien," and must hold a valid Social Security number.
Income: Parents or caregivers claiming the credit also typically can’t exceed certain income requirements.

7. Depending on how much your income threshold, the credit gets incrementally reduced until it is eliminated.