What is the Child Tax Credit?
The Child Tax Credit is a tax benefit for families with dependent children, aimed at reducing their tax burden.
How much can I claim for each child?
As of 2023, you can claim up to $2,000 per qualifying child under the age of 17.
Are there income limits to qualify for the credit?
Yes, the credit begins to phase out for single filers with an adjusted gross income over $200,000 and $400,000 for married couples.
Can I receive the credit if I don't owe taxes?
Yes, the Child Tax Credit is partially refundable, meaning you may receive a refund even if you don't owe taxes.
How do I apply for the Child Tax Credit?
You can apply for the Child Tax Credit by filling out the appropriate forms when you file your federal tax return.
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