Do you qualify for any of the child-related tax credits?

Three Child Tax Credits That Can Add Up to Over $10,000

The credit you’ll most likely get is simply called the Child Tax Credit and it’s worth $2200 per child for most filers for 2025.  The child must still be under age 17 by the end of the tax year- apparently Congress thinks kids over 16 cost less!  If they are 17 or older and still meet the rules for being a dependent, then the credit is only $500.

The income phaseout for this credit starts at $400k for joint filers and $200k for single filers, which is why most people qualify.

For children in daycare or after-school programs, you may also qualify for the Dependent Care Credit.  Up to $3000 in expenses per child will be multiplied by 20% on the low end and 35% on the high end.  Translation:  the actual credit will likely be between $600 and $1050 per child, with no upper limit on your income.

Finally we have the Earned Income Tax Credit, which can be as high as $8046 for families with three or more children.  This credit is specifically for lower-income households; the upper income limit varies depending on how many kids you have, but the upper income limit for 3 kids in a two-parent household is $68,675.  

For all three of these credits, there are rules on how the kids are related to you, where they live, and who supports them, but for the purposes of this video, if the child is your own son or daughter, they live with you more than half the time and you provide more than half of their financial support, you should be fine.

To discuss which child credits you qualify for, schedule a complimentary call with me.

-Ken