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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.
Introduction. The child tax credit is a credit that may reduce your tax by as much as $1,000 for each of your qualifying children. The additional child tax credit is a credit you may be able to take if you are not able to claim the full amount of the child tax credit.o claim the child tax credit, you must file Form 1040 or Form 1040A. You cannot claim the child tax credit on Form 1040EZ. You must provide the name and identification number (usually a social security number) on your tax return for each qualifying child.