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Credit worth as much as $1,000 per child. If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return.ince their combined income exceeds the $110,000 phase-out threshold for married couples by $20,000, they must reduce their credit by $50 for every $1,000 they are over the limit. So they would lose $1,000 of their credit ($50 x 20) and could claim only a $1,000 child tax credit.
This FAQ applies to 2017, the current tax year. Under the Tax Cuts and Jobs Act, the Child Tax Credit increases to $2,000 per qualifying child in tax year 2018. This FAQ will be updated with the 2018 limits in January 2019, when taxpayers start filing 2018 returns. If you have kids, youâre probably wondering if they qualify for the Child Tax Credit. It make sense: Each qualifying child you claim on your tax return can put up to $1,000 in your pocket. This credit, not to be confused with the Child and Dependent Care Credit, is in addition to the $4,050 exemption you get for each dependent. However, not every child qualifies. To qualify for the Child Tax Credit in 2016, your child must fill all of these requirements: Be born on or after January 1, 2000.