Child Tax Credit Income Limit 2024

The child tax credit is a popular tax credit that most families with children qualify to claim on their tax returns. What about the child tax credit income limits? Not every taxpayer can claim this tax credit – or the full amount of the credit. There are income thresholds that the taxpayers who plan on taking this tax credit must meet.

While most tax credits have an upper limit the taxpayers must meet, the child tax credit also has a base limit. Individuals and families who want to claim this credit must have earned at least $2,500 to qualify for the credit. This isn’t your AGI though. Your earned income through self-employment, wages, and investments must be totaled at least $2,500.

Child Tax Credit 2024 Income Thresholds

The individuals and families who take this credit must have an AGI of less than $200,000 for singles and $400,000 for married couples filing a joint return.

As the AGI gets above $200,000, the child tax credit gets smaller and eventually phases out completely at $240,000 for single filers and $440,000 for joint filers. If your AGI is between $200,000 and $240,000 or $400,000 and $440,000, you get a partial credit.

You can claim the child tax credit in 2024 and lower tax liability, or increase your refund. Not all of the child tax credit is refundable though. Only as much as $1,400 of the child tax credit is refundable out of the $2,000 the full credit.

Credit for Other Dependents

There is also another credit similar to the child tax credit you can claim for other dependents such as your parent or college students under the age of 24. As long as you claimed them as a dependent on your tax return, you get a $500 credit.

The income limits and the eligibility requirements are pretty much the same as the child tax credit. However, if the dependent is qualified for the child tax credit (you can claim the CTC for your brother, sister, stepchild, step brother, step sister, cousin, etc.), the credit for other dependents cannot be claimed.

Since the child tax credit is more valuable than the credit for other dependents, that shouldn’t be a concern.