How Much is the Child Tax Credit

1. HOW MUCH IS THE CHILD TAX CREDIT FOR 2020, 2021? 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 test. New Child Tax Credit Amount After Tax Reform Changes Under the Tax Cuts and Jobs Act (TCJA) the following new child tax credit rules will take place in 2019, 2020. Claiming the Child Tax Credit Any parent or legal guardian with a child age 17 or younger at the end of a tax year can claim the said child for the child tax credit. The child must reside with the claiming parent for more than 50-percent of the year. What is the Additional Child Tax Credit? If the refundable credit you receive from the standard Child Tax Credit is more than your taxes owed, you might receive an Additional Child Tax Credit (provided your income is at least $3,000). IRS Child Tax Credit Worksheet The child tax credit worksheet is a helpful resource provided by the IRS. You can find it through IRS Publication 972. The purpose of the worksheet is to help you calculate how much child tax credit you can claim this coming tax year. www.filemytaxesonline.org/how-much-is-the-child-tax-credit