egulations. This video provides an update on child tax credits and tells you what you need to know to be able to file the tax credits you earned on tax returns.
The first child tax credit is $2,000, with 3600 dollars for each child below six and $3,000 available for children 6-17. If you took advantage of the advanced child tax credit this year the amount will be reduced.
Grandparents and parents who stayed with a child for more than six months as the primary caregivers for the child can claim this tax deduction. Based on marital status, earnings requirements may be different.
Married couples earning under $150,000 have the right to apply, along with single parents earning less than $112,500. The maximum income is $75,000, or less, for all other taxpayers. The parents with higher incomes are in a position to receive a less tax credit, but not a tax credit whatsoever.
Visit IRS.gov to learn more. There are pages that provide information on the qualifications and guidelines for child tax credits. It is also possible to use income calculators to figure out what you’re eligible for and what amount.
To learn more about tax credits for children To learn more about tax credits for children, follow the link for the above video.