question.jpgIn Federal Income Tax

What is the child tax credit?

The child tax credit allows you to deduct up to $1,000 directly from your tax liability for each qualifying child you care for. To determine the actual amount you can claim as a credit, you should fill out the Child Tax Credit Worksheet, which is included with the instructions for Forms 1040 and 1040A. If your child tax credit exceeds the amount of taxes you actually owe, you may be entitled to a refund of that difference by claiming the additional child tax credit.