One of the most beneficial and popular federal tax credits is the Child Tax Credit. This is a nonrefundable tax credit, and it’s worth up to $2,000 per qualifying child.
Who is Considered a Qualifying Child?
- Under the age of 17 at the end of the year
- Has resided with you for more than half of the year
- Is your dependent on your federal taxes
- Is a US citizen and has a valid SSN
- Is a relative such as your child, sibling, stepchild, stepsibling, foster child, legally adopted child, or a descendant from any of the previously mentioned individuals.