The Child and Dependent Care Tax Credit is designed to help hard-working parents and guardians to work and look for work as they care for a child or dependent. It also covers those who are caring for disabled children and adults.
How Much Will I Get Back for Childcare Tax Credit?
Depending on several factors, the childcare tax credit can be worth anything from 20% to 35% of your total care expenses.
Your income is the primary factor in deciding how much of your care expenses you can claim back.… Read the rest
As with any tax credit, refund or deduction, there are a few rules that will influence the amount that eligible applicants will receive.
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, is worth up to $2,000 per child that is under the age of 17. To be eligible to claim the child tax credit, your child or dependent must first pass all of the eligibility tests:
Must be 16 or younger on the last day of the year
Must be a US citizen, US national, or a resident alien
Must be claimed by you as a dependent
Must be related to you by blood, or step relationship, or legally adopted child/foster child
Must have resided with you for more than half of the year (special rules apply for special circumstances such as divorce)
You must have provided them with more than half of their support
What is the New Child Tax Credit Amount After Tax Reform Changes?