The Child Tax Credit is a program designed to offer financial help to families with children. It provides a tax break to eligible parents or guardians which reduces their tax bill or increases their refund.
We ask about this under "Credits and Deductions" > Child tax credit.
Here's what you need to know about the credit:
- The Child Tax Credit can either reduce the amount of income tax you owe or provide a refund if you don't owe any taxes.
- The amount varies, depending on factors like your income, filing status, and the number of children you have. See the current IRS guidelines here: https://www.irs.gov/credits-deductions/individuals/child-tax-credit
To be eligible, you must have at least one child who's under the age of 17 by the end of the tax year and who has a valid Social Security number — meaning they're a US citizen or permanent resident. - To claim it, just file your taxes by going through the flow. We'll automatically add it to your return based on the income and household details.