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The Child Tax Credit (CTC) helps working families offset the cost of raising children. It is worth up to $1,000 per eligible child (under age 17 at the end of the tax year). The CTC includes a refundable component, the Additional Child Tax Credit. Like the EITC, the CTC increases with earnings, but unlike the EITC, the first $3,000 in earnings does not count when determining the CTC. Families receive a refund equal to 15 percent of their earnings above $3,000, up to the credit's full $1,000-per-child value.
Child tax credit. Families making up to $400,000 would receive a $2,000 tax credit per child, up from $1,000. Families would receive the credit regardless of whether they itemize or take the standard deduction. Â» Commuters lose transit, parking, biking benefits in tax bill Â» That credit would apply to any federal income taxes a family owes, or, if a family doesnât owe any federal income taxes, it could receive refunds of up to $1,400 per child from the government, said Geoff Harlow, a tax partner at Kessler Orlean Silver and Co. in Deerfield.