Question

Harrison is single and his son jack is 12 years old. if his agi is $195,000, what amount of child tax credit can harrison claim?

Answer 1

$2,000 The child tax credit is a nonrefundable credit that allows taxpayers to claim a tax credit of up to $2,000 per qualifying child

What is child tax credit ?

A child tax credit is a tax credit provided by many countries to parents with dependent children. The credit is frequently related to a taxpayer's number of dependent children and, in some cases, the taxpayer's income level.

For each qualified child under the age of 17, the Child Tax Credit program can decrease your federal tax liability by $1,000. Changes to the Child Tax Credit will allow many families to receive advance payments beginning in summer 2021. Beginning July 15, 2021, the Internal Revenue Service (IRS) will pay half of the entire credit amount in advance monthly payments. The remaining half will be claimed when you file your 2021 income tax return. These modifications are only effective for the tax year 2021.

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