What is the Child Tax Credit?
The Child Tax Credit is a tax benefit that allows to reduce the tax liability of a citizen or get a refund if there is no tax liability. The credit is relevant for parents of children under the age of 17 who meet number of criteria.
The Child Tax Credit may be reflected in reducing tax liability or refund of up to $1,000 each year for each child under 17 who is qualified.
Eligibility for each child is assessed by criteria of:
Gross income Limitations
Additional Child Tax Credit - if the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit and get a refund.
Disclaimer: does not advise on any personal income tax requirements or issues. Use of any information from this site is for general information only and does not represent personal tax advice either express or implied.