How Much is the Child Tax Credit Amount is for 2020, 2021? For parents and guardians of dependent children, the Internal Revenue Service (IRS) provides a tax credit that can help reduce your tax liability for the 2019, 2020 tax season. The Child Tax Credit is designed to help with the high costs of childcare and the rising number of children in poverty in the United States. This tax credit has helps millions of families every year and has been proposed to be expanded with the Trump Tax Reform.
WHO QUALIFIES FOR THE CHILD TAX CREDIT Eligible families can claim a Child Tax Credit of up to $2,000 per qualifying child. The Child Tax Credit, like most tax credits, has a phase-out at certain income levels. TRY THE FREE CHILD TAX CREDIT CALCULATOR! This tax credit has helped millions of families with the high costs of child care. The calculation for the credit is fairly simple and can be estimated using the child tax credit calculator or by using the IRS worksheet.
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