Which of the following statements about the Child Tax Credit is true?

The statement regarding income limits applying for eligibility to the Child Tax Credit is accurate. The Child Tax Credit is designed to support families with dependent children, but it has specific income thresholds that determine whether a taxpayer qualifies for the credit and, if so, the amount they can receive. Higher-income earners may not qualify for the full credit or any credit at all, as the credit begins to phase out at certain adjusted gross income (AGI) levels. This structure ensures that the benefit targets lower and moderate-income families, thereby providing financial assistance where it is most needed.

In contrast, while taxpayers may benefit from the credit with varying household compositions, it's not universally available without regard to income, nor is it solely focused on families with multiple children. Additionally, there are broader considerations regarding the age of qualifying children. Therefore, understanding the income limitations and their implications is vital when determining eligibility for the Child Tax Credit.