What does Child Tax Credit mean?
The Child Tax Credit is a credit towards your taxes that you can use. You get a $1000 credit per child, up to the total amount of tax that you owe. You cannot get more Child Tax Credit than tax you owe. In other words, if you have two kids, and your total tax liability is $2900, you’ll get a $2000 tax credit, which leaves you with a $900 tax bill (meaning you’ll probably get a bigger refund). If your total tax liability was only $1800, you’ll get an $1800 tax credit, leaving you with a $0 tax bill (which in turn, means you’ll get everything back that was withheld for Federal Income Tax).
