Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit
How Much do You Get Back in Taxes for a Child?
The child tax credit for 2020, 2021, allows you to get back up to $2000 per child in taxes. This is a tax credit, which means it reduces your tax bill dollar-for-dollar, which makes it highly valuable for all families.
Do you have children or any other dependents in your household? Then the chances are you’ll be eligible to claim the Child Tax Credit.
For the new tax year, this credit is worth up to $2,000. If you qualify, it will reduce your overall income tax bill due to the Federal government.
You may have already claimed this credit in the past, but for this year, there are some major changes as a result of the tax overhaul initiated at the end of 2017 by the Trump administration.… Read the rest