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| What is it? The Child Tax Credit allows families to reduce the amount of taxes they owe or even get money back from the federal government. What do I get? The amount of credit depends on your family’s size and income. The maximum deduction is $1,000 per child for Tax Year 2010. The credit is not refundable, which means that you can't get more money back from the credit than you paid in taxes throughout the year. You could only get the full $1,000 refunded to you if you had paid $1,000 or more in federal taxes. |
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Updated 3/24/2011
