Did you know that your greatest joy can also be one your biggest tax deductions? Learn more about what is the Child Tax Credit and how you may qualify. You can get back up to $1,000 on your return if you have a child 16 or younger.
The video below is accurate for your 2017 taxes, the one that you file this year by the April 2018 deadline, including a few retroactive changes due to the passing of tax reform. Some tax information below will change for your 2018 taxes, but won’t impact your 2017 taxes. Learn more about tax reform here.
Beginning in 2018, the Child Tax Credit is increased to $2,000 per qualifying child.
Hi, I'm Arye from TurboTax with some helpful information about the Child Tax Credit and how you can qualify.
- First, if you have a child, they must have been under the age of 17 on the last day of the calendar year for which you are claiming the credit. For example, if your child turns 17 on January 1st of the next year, you can claim that child on prior year taxes and are eligible for the Child Tax Credit.
- Second, the child you claim must be a US citizen, a US national or a US resident alien.
- Third, the child is a legal relation, meaning he or she must be your naturally born child, adopted child, stepchild, foster child, brother, sister, stepbrother, stepsister ... or be a descendant of any of them (like your grandchild, niece, or nephew).
- And lastly, your child must have lived with you for more than half the calendar year, and you must provide more than half of their support costs.
Children born during the year or those that have passed away also qualify.
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