how much child tax credit do i get?

Question

does the amosunt vary from person to person? whats the usual amount you can get?

Answer 1

You may be able to claim a child tax credit if you have a qualifying child.

A qualifying child is a child who:

Is a United States citizen, a United States resident, or a national of the United States,
Is under age 17 at the end of the calendar year in which your tax year begins,
Is your son, daughter, stepson, stepdaughter, legally adopted child, or a child placed with you for legal adoption, brother, sister, stepbrother, stepsister, foster child placed with you by an authorized placement agency or by a court order, or a descendant of any such person, and who
Shares with you the same principal place of abode for more than one-half of the tax year, or is treated as your qualifying child under the special rule for parents who are divorced, separated, or living apart. For more information, refer to Publication 501, Exemptions, Standard Deduction, and Filing Information.

The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins depends on your filing status. You can find the phase-out range for your filing status in the Publication 972, Child Tax Credit.

Answer 2

Normally, the child tax credit is $1,000 per child for each child under the age of 17. However, when your adjusted gross income exceeds $100,000, the child tax credit begins to be phased out, so the credit decreases as your income increases.

Answer 3

The usual amount is $1000. But it's a nonrefundable credit, which means that if you owe less total tax than that, you only get your tax wiped out but don't get the rest of the $1000 in cash, and if you don't owe any tax, you don't get anything from it.

Answer 4

The child tax credit can reduce a taxpayer’s owed tax by up to $1,000 per child. This credit can be very valuable since it does not simply reduce taxable income but deducts straight from what you owe.