How much is the Child Tax Credit and at what income does it start phasing out?

The Child Tax Credit is a per-qualifying-child credit for dependents under age 17 with a valid Social Security number. A portion is refundable through the Additional Child Tax Credit, meaning lower-income families can still receive money even with little tax owed. The credit begins to phase out once your modified adjusted gross income passes thresholds the IRS sets, which are higher for married couples filing jointly than for single filers; above those levels it shrinks gradually. Because Congress has changed the amount and refundable portion several times in recent years, check the IRS figures for the current tax year rather than relying on an older number. Children who turn 17 during the year may instead qualify you for the smaller Credit for Other Dependents.