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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.
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.ecause a child tax credit reduces the amount of tax you owe for the year, it may also reduce how much you need to have withheld from your paychecks. If you get a substantial tax refund, review the W-4 form on file with your employer to avoid having too much money withheld.