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The Child Tax Credit is a significant tax credit for those with qualified dependent children under age 17 (more on qualifications in a bit). The Child Tax Credit is a non-refundable income tax credit (with the possibility for it to become refundable through claiming the Additional Child Tax Credit). With a non-refundable credit, if your credit exceeds your income tax liability, then you wonât get a refund for the difference.
The child tax credit is a refundable credit that reduces the tax you owe. The amount of your credit is based on income and number of children in your home. There are income limits to the Child Tax Credit, and as your income reaches the limit, the amount of the credit will begin to phase out, or become lower.aving a child can positively affect your income taxes. Not only does having a child have a profound effect on your life, the event also affects your income taxes. When you have a child, you open the door to several tax credits that reduce your tax and generate a refund.