Your children should meet all the criteria, and your income should be below the income limit threshold.
- $110,000 on a joint return
- $75,000 for an unmarried individual
- $55,000 for a married individual filing a separate return
So if you are filing jointly, and your MAGI is <110,000 then you will get $1000 for each child.
If your MAGI more than the threshold then you will lose $50 / $1000 above the threshold.
Parents with 2 kids filing jointly will get a credit of 2000 if their MAGI is <110,000
Same parents will get credit of $1500 if their MAGI is 120,000 [ they lose $ 50 for every
$ 1000 above 110, 000.
Best book to read before you start investing.
I like audiobook versions of this book