Taxes: Do I qualify for the Child Tax Credit or the Credit for Other Dependents?

The Child Tax Credit is capped at $2,000 per dependent in 2022.

Find out the requirements to claim this credit.

What about the Credit for Other Dependents?

Are you eligible for the Child Tax Credit? According to the most recent statistics, published in 2022 by Statista, for each family US there are 1.94 dependents under 18 years of age. For this reason, the Internal Revenue Service has designated a Child Tax Credit and a Credit for Other Dependents. Learn more about them!

You may qualify for the Child Tax Credit whether you file taxes as an individual or a married couple. Find out what this credit is about and how to claim it.

What is the Child Tax Credit?

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The Child Tax Credit is designed so that taxpayers who are financially responsible for eligible dependents can reduce their income tax payment by up to $2,000 for each of dependent.

In previous years, the Internal Revenue Service has made Child Tax Credit payments in several installments; the first through monthly deposits that usually start in July, while the rest of the payment has been in a single installment when the taxpayer files their tax return.

Credit for Other Dependents

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The dependent for the Child Tax Credit must be a son, daughter, foster child, adopted child, sister, brother, half-sibling, or a descendant (such as grandchildren or nephews).

You can claim a Credit for Other Dependents if you are financially responsible for someone who is under 19 years of age, an adult under 24 years of age who is studying full-time, or has a permanent disability. You must be able to prove the dependent has lived under your roof for more than six months.

Citizenship and residency requirement

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The IRS asks you to meet other requirements to be eligible for the Child Tax Credit. The child must have been born in United States territory, be part of a native community or a foreign resident. In addition, you will need to prove that the dependent has lived under your roof for at least six months.

A full-time student is considered to have lived under your roof if they are studying in another city or is on vacation, on a business trip, hospitalized or detained in a youth center.

Family income requirement

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The family income requirement will determine if a taxpayer is eligible for the child tax credit. In this section, the modified adjusted gross income (MAGI) is taken into account, with marital status as a factor. In 2022, the maximum income to be able to claim the credit is $200,000 for individuals or $400,000 for joint filers.

In 2023, married couples with an income of less than $150,000 will be able to claim the credit, while parents who are single must earn no more than $112,500. For all other taxpayers with dependents, gross income must not exceed $75,000 per year.