FINANCIAL CALCULATORS
Child Tax Credit Calculator
Estimate your Child Tax Credit based on income and number of dependents.
What is the Child Tax Credit Calculator & How does it work?
The Child Tax Credit is a refundable tax credit that helps families with the cost of raising children. The amount you can claim depends on your income and the number of eligible dependents you have.
For the 2023 tax year, the maximum credit per child under age 17 is $3,600. However, this credit phases out as income increases. The phaseout begins when your modified adjusted gross income (MAGI) exceeds $44,700 for one dependent and $89,400 for two or more dependents.
For the 2023 tax year, the maximum credit per child under age 17 is $3,600. However, this credit phases out as income increases. The phaseout begins when your modified adjusted gross income (MAGI) exceeds $44,700 for one dependent and $89,400 for two or more dependents.
Credit = min(3600 times N, 3600 times (1 – frac{max(MAGI – T, 0)}{P}))
N = Number of dependents
MAGI = Modified Adjusted Gross Income
T = Threshold (e.g., $44,700 for one dependent)
P = Phaseout range (e.g., $44,700)
MAGI = Modified Adjusted Gross Income
T = Threshold (e.g., $44,700 for one dependent)
P = Phaseout range (e.g., $44,700)
Parameters
Result—
Frequently Asked Questions
What is the maximum amount of the Child Tax Credit per child?
The maximum amount of the Child Tax Credit per child under age 17 is $3,600 for the 2023 tax year.
How does the phaseout work for the Child Tax Credit?
The Child Tax Credit phases out as income increases. It begins when your modified adjusted gross income (MAGI) exceeds $44,700 for one dependent and $89,400 for two or more dependents.
Can I claim the Child Tax Credit if my income is above the phaseout limit?
Yes, you can still claim the Child Tax Credit if your income exceeds the phaseout limit, but the credit amount will be reduced. If your MAGI is too high, you may not receive any credit.
How do I calculate my modified adjusted gross income (MAGI)?
Your MAGI is calculated by starting with your adjusted gross income and adding back certain deductions that were subtracted to arrive at it, such as student loan interest and IRA contributions.
Is the Child Tax Credit refundable?
Yes, the Child Tax Credit is a refundable tax credit, which means you can receive more in refunds than you paid in taxes for the year.
How do I claim the Child Tax Credit on my tax return?
You claim the Child Tax Credit by including it on your federal income tax return. The specific form and process may vary depending on how you file your taxes, whether online or through traditional mail.
Can I use the Child Tax Credit for children over 17?
No, the Child Tax Credit is only available for children under age 17. For eligible dependents aged 17 and older, you may be able to claim the Earned Income Tax Credit or other tax credits.
Results are for informational purposes only and do not constitute professional advice.