What is Child Tax Credit (CTC)?
One of the perks of being a parent is that you can get up to $2,000 in tax credit for every one of your kids.
The following requirements must be met to claim CTC:
1. The child must be 16 or younger by the end of the year.
2. The child must be a qualifying dependent (see “Who do I claim as a dependent”).
What does the CTC get you?
If you are filing jointly and your Adjusted Gross Income (AGI) is less than $400k or if filing under a different status and you AGI is less than $200k, then your tax liability can be reduced by up to $2,000 per qualifying child, and you could get up to $1,400 refunded to you on money left over from the reduction.