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What is it? The Child Tax Credit allows families to reduce the amount of taxes they owe or even get money back from the Federal government. The amount of credit depends on your family's size and income. For tax year 2006, the maximum deduction is $1,000 per child. The credit is not refundable, which means that you can't get more money back from the credit than you paid in taxes throughout the year. For example, let's say you have one child and are eligible for the maximum credit ($1,000). If you paid $400 in Federal taxes throughout the year, you will only get $400 back from the Federal government from this credit. You could only get the full $1,000 refunded to you if you had paid $1,000 or more in Federal taxes. |
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