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ReadThe Child Tax Credit is a tax break worth up to $2,000 for each eligible child dependent under the age of 17. Because it’s a tax credit, that $2,000 directly reduces your tax bill dollar-for-dollar, so it provides more tax savings than a tax deduction.
The Child Tax Credit is refundable up to $1,400, so even if the credit reduces your tax liability to zero, you can still claim a portion of the credit.
If you are caring for other dependents that are not children, such as an elderly parent, you may be able to claim the Credit for Other Dependents, which is a $500 nonrefundable credit.
Check out our page on Child Tax Credits to learn more about phase-out levels.
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