Wondering Why You Can’t Receive Child Tax Credit For All Your 4 Children? .

You probably do  not have a high enough income to qualify for the full amount (or your income is too high and the credit phases out.)

For the child tax credit of $2,000 per child. The child must have been no older than 16 at the end of 2020.

 The amount of child tax credit you can receive is limited by your taxable income (1040 line 15). If your taxable income is zero, then you are not eligible for any child tax credit.

 

What’s Your Best Chance  To Get Child Tax Credit For All Your Children?

1. You  do not qualify for the Child Tax Credit, and if your earned income is greater than $2,500, you might be eligible for the Additional Child Tax credit.
2. The 2020 child tax credit  (CTC) is  limited to your tax liability.
3. You may receive half of the Child Tax Credit for each child in equal payments each month for the remainder of 2021.

For more information, Visit  our office today to speak with a Generational Wealth Specialist for this information.