A child tax credit is a credit offered to taxpayers at the end of the tax year for individual dependent child that they have and who is under the age of 17 during that time. According to the Working Families Tax Relief Act of 2004 the Child Tax Credit has been kept at $1000 per qualifying child till the year 2010. However, you need to be within the income limits to be able to file for Child Tax Credit.
If your income tax liability is less than the Child Tax Credit, then you cannot claim it. However, some cases allow you to claim the difference amount as refund.
Hi hari
A child tax credit is a credit offered to taxpayers at the end of the tax year for individual dependent child that they have and who is under the age of 17 during that time. According to the Working Families Tax Relief Act of 2004 the Child Tax Credit has been kept at $1000 per qualifying child till the year 2010. However, you need to be within the income limits to be able to file for Child Tax Credit.
If your income tax liability is less than the Child Tax Credit, then you cannot claim it. However, some cases allow you to claim the difference amount as refund.