“The Child Tax Credit puts money into the pockets of hardworking parents sooner, to pay for childcare or put gas in the car so they can get to work and build better lives for their families. Single Filer – Phase out begins with an AGI above $75,000 The best way to make sure you and your family receive monthly payments as soon as possible is to file a 2020 tax return before May 17.”Įligibility for the expanded child tax credit is based on a taxpayer’s Adjusted Gross Income, the amount of income reported after deductions are made on tax returns. Head of Household – Phase-out begins with an AGI of $112,500Ĭouple Filing Jointly – Phase-out begins at an AGI above $150,000įilers will receive a max credit of $3,600 for each child age 5 or younger, according to the IRS. For children between the ages of 6 and 17, the max credit will be $3,000.
