what is the credit for a child on taxes
The Child Tax Credit is a significant tax credit for those with qualified dependent children under age 17 (more on qualifications in a bit). The Child Tax Credit is a non-refundable income tax credit (with the possibility for it to become refundable through claiming the Additional Child Tax Credit). With a non-refundable credit, if your credit exceeds your income tax liability, then you wonât get a refund for the difference.
The Child Tax Credit allows you to claim a maximum $1,000 per qualified child. This is a non-refundable income tax credit (with the possibility for it to be refundable through the Additional Child Tax Credit), meaning that if your credit exceeds your income tax liability, then you wonât get a check for the difference.