The Child Tax Credit Worksheet helps U.S. taxpayers calculate the precise amount of child tax credit they can claim on Form 1040. For tax year 2024, the credit is worth up to $2,000 per qualifying child under age 17. Families may also qualify for the Additional Child Tax Credit (ACTC) of up to $1,700 per child if the base credit exceeds their tax liability.
To qualify, each child must be under age 17, related to the taxpayer, have a valid Social Security Number (SSN), and have lived with the taxpayer for more than half the tax year. The credit phases out for single filers earning over $200,000 and joint filers earning over $400,000, with a $50 reduction for every $1,000 above the threshold.
The worksheet guides you through calculating your modified adjusted gross income (MAGI), the number of qualifying children, and any phase-out reductions. Results transfer directly to your IRS Form 1040. Those seeking a refundable credit should also review Schedule 8812 to claim the Additional Child Tax Credit.
| Question | Answer |
|---|---|
| Form Name | Child Tax Credit Worksheet Form |
| Form Length | 1 page |
| Fillable? | Yes |
| Avg. time to fill out | 5-10 min |
| Related Forms | IRS Form 1040, Schedule 8812 |
| Other names | child tax credit worksheet 2024, CTC worksheet, ws ctc worksheet, IRS child credit form |