Child Tax Credit
For 2018 through 2025, the Tax Cuts and Jobs Act doubles the amount of the child tax credit to $2,000 per qualifying child who has not attained age 17 during the year. The threshold for phasing out the credit has been substantially raised. The credit does not begin to phase out until modified adjusted gross income (MAGI) exceeds $400,000 if married filing jointly, or $200,000 for all others.
If you are eligible for the credit for other dependents (25.4) as well as for the child tax credit, both credits are combined on the “Child Tax Credit and Credit for Other Dependents Worksheet” and the same phaseout rule and liability limitation applies to both credits. $1,400 of the credit is refundable.
There is a $500 nonrefundable credit for qualified dependents other than qualifying children that is not subject to income limits.
A qualifying child must meet dependency tests and be a US citizen.