The Child Tax Credit is a tax credit that helps with the costs of raising a child. The credit is worth up to $2,000 per child, depending on your income. If you’re wondering when the Child Tax Credit deposit will hit your bank account, read on for more information.
Checkout this video:
When is the Child Tax Credit deposit date?
The Child Tax Credit is a refundable tax credit worth up to $2,000 per child and $500 per non-child dependent.
The credit begins to phase out when adjusted gross income (AGI) reaches $200,000 for single filers and $400,000 for joint filers. The credit is eliminated completely at $240,000 for single filers and $440,000 for joint filers.
For the 2018 tax year, the Child Tax Credit is refundable up to $1,400 per child.
The deposit date for the Child Tax Credit is the same as your federal tax refund. If you e-file your taxes and choose direct deposit, you can expect your refund within 21 days of the IRS accepting your return. If you paper file your taxes, it will take about six to eight weeks to receive your refund.