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The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.
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.