How Much Tax Credit Per Child?
A child tax credit is not limited to biological children. It can be claimed on any child under your care, whether it is your child, adopted child, step-child, grandchild or siblings. As long as your family meets specific qualifications, you can claim a tax credit for each child. What is a child tax credit? Although often considered a possible tax deduction, the child tax credit is actually a reduction on the amount of taxes owed. Because of this classification, a child tax credit is nonrefundable. All hope for a refund is not lost, however. You can apply a refundable child tax credit, known as the additional child tax credit, in certain circumstances. If the amount of your child tax credit exceeds the amount of money you owe in taxes, you can apply for an additional child tax credit that will refund you the remaining portion. Until 2010, tax payers can receive up to $1000 per child. If you claim one child and owe $200 in taxes, you can then apply for an additional child tax credit in t
