Can College Students Qualify For The Child Tax Credit?
Heres what you need to know. Child tax credit  Starting next month, you could start getting a monthly check up to $300 if you have a dependent child. If someone in your family is a college student, however, you may be wondering whether they can qualify for the Child Tax Credit too. This is an important question because many college students didnt qualify for stimulus checks. Plus, many college students are wondering if they will qualify for student loan cancellation. The child tax credit is part of the American Rescue Plan, which is the latest stimulus package. The maximum child tax credit is available primarily to younger children. However, college students qualify for the Child Tax Credit as well. Thats good news if you have a dependent child up to the age of 24 who attends college full-time. The amount of the Child Tax Credit is based on the age of your dependent children:  Age 6 and younger: $3,600 annually ($300 per month)  $3,600 annually ($300 per month) Ages 6 to 17: $3,000 annually ($250 per month)  $3,000 annually ($250 per month) Ages 18 to 24: $500 annually (one-time)  Therefore, if you have a dependent college student who is up to the age of 24, you could qualify for a $500 Child Tax Credit. There are other requirements, including that you pay more than half of your childs expenses and can be claimed as a dependent. Unlike the Child Tax Credit for children under age 17, the Child Tax Credit for ages 18 to 24 is a one-time check and not a recurring, monthly check. If you have more than one child in college, then you can also qualify for a one-time $500 Child Tax Credit for each child. Even if you have a dependent college student, there are still income limitations to qualify. Therefore, like stimulus checks, not everyone automatically gets the Child Tax Credit. Yes. For every $1,000 of adjusted gross income above these income thresholds, the amount of the tax credit is reduced by $50. This applies whether you have a dependent college student or a younger child. Yes, you can qualify for the Child Tax Credit if you dont file taxes. For example, lets assume you have a dependent in college, but you may not normally file tax returns or be deemed a non-filer. Like the stimulus check, you can access an online tool on the IRS website. The Child Tax Credit Non-Filer Sign-up Tool is available now for you to input your information. Importantly, you should only use this tool if you didnt file a tax return and dont plan to file a return. Related Reading