Can college students qualify for the child tax credit?
Are college students eligible for the $ 3,600 child tax credit?
Here’s what you need to know.
Child tax credit
Starting next month, you could start receiving a monthly check of up to $ 300 if you have a dependent child. However, if a member of your family is a student, you might be wondering if they can also claim the child tax credit. This is an important question because many students did not qualify for the stimulus checks. Additionally, many students are wondering if they will be eligible for their student loan cancellation. Here are the details:
Are all children eligible for the child tax credit?
The child tax credit is part of the US bailout, which is the latest stimulus package. The maximum child tax credit is available primarily to young children. However, students are also eligible for the child tax credit. This is good news if you have a dependent child up to the age of 24 who is attending university full time.
How much is the child tax credit for college students?
The amount of the Child Tax Credit depends on the age of your dependent children:
- 6 years old and under: $ 3,600 per year ($ 300 per month)
- 6 to 17 years old: $ 3,000 per year ($ 250 per month)
- 18 to 24 years old: $ 500 per year (once)
Therefore, if you have a dependent student under the age of 24, you may be eligible for a $ 500 child tax credit. There are other requirements, including paying more than half of your child’s expenses and being able to be claimed as a dependent. Unlike the tax credit for children under 17, the tax credit for children aged 18 to 24 is a Once check and not a recurring monthly check. If you have more than one child in college, you can also claim a one-time tax credit of $ 500 for each child.
Am I eligible for the child tax credit?
Even if you have a dependent student, there are still income limits to qualify. Therefore, like stimulus checks, not everyone automatically gets the child tax credit. For example, here are the income thresholds before the child tax credit begins to disappear:
Sole depositor: $ 75,000
Head of household: $ 112,500
Married / Spouse: $ 150,000
Can you claim the child tax credit if you have a higher income? Yes. For each $ 1,000 of adjusted gross income above these income thresholds, the amount of the tax credit is reduced by $ 50. This applies if you have a dependent student or a younger child.
Are you eligible for the child tax credit if you do not file tax?
Yes, you may be eligible for the child tax credit if you do not file tax. For example, suppose you have a dependent in college, but normally don’t file income tax returns or are not considered a “non-filer”. Like the dunning check, you can access an online tool on the IRS website. The Child Tax Credit Non-Filer Registration Tool is now available for you to enter your information. It is important to note that you should only use this tool if you have not filed a tax return and do not plan to file a return.