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.
The earned income credit is one of the most valuable credits for those with low or moderate incomes. To claim it you will need to file an income tax return, even if you don’t necessarily owe anything in taxes.