Child Tax Credit

Child Tax Credit

Taxpayers are able to claim a child credit of $1,000 for each qualifying child under age 17.  Qualifying children must be a child, step-child or eligible foster child of the taxpayer, a brother or sister or step-brother or step-sister or a direct descendant of any of these qualifying individuals. The credit is reduced by $50 for each $1,000 (or portion thereof) of AGI (ignoring any foreign earned income exclusion) exceeding $110,000 (joint return), $75,000 (single and head of household), or $55,000 (married filing separately).  The credit is limited to the taxpayer’s tax liability.