How Much Do You Get Per Kid on Taxes?

Understanding Child Tax Credits

The Child Tax Credit (CTC) is a tax credit available to eligible taxpayers with qualifying children under the age of 17.
The CTC aims to offset the costs associated with raising children by providing a direct reduction in your tax bill
or a refundable credit if your tax liability is zero.

Amount of CTC per Child

For children under the age of 6: Up to $3,600 per child
For children between the ages of 6 and 17: Up to $3,000 per child

Dependent Tax Credit

In addition to the CTC, you may also be eligible for the Dependent Tax Credit (DTC). The DTC is available to
taxpayers with qualifying dependents, including children and other qualifying relatives. The DTC is non-refundable,
but it can reduce your tax liability dollar-for-dollar.

Amount of DTC per Child

For 2023: $2,000 per eligible child

Eligibility Requirements

To claim the CTC and DTC, you must meet certain eligibility requirements, including:

You must be the legal guardian of the child.
The child must have a valid Social Security number.
The child must meet the age and income requirements.
You must meet the income limits for the CTC.

Other Tax Benefits for Families

Child and Dependent Care Credit: This credit helps offset the costs of childcare expenses.
Adoption Tax Credit: This credit provides tax relief for eligible adoption expenses.
Education Tax Credits: These credits can help offset the costs of qualified education expenses.

Conclusion

Claiming the CTC and DTC can significantly reduce your tax bill and help you save money when raising children. By
understanding the eligibility requirements and the amount of credit available per child, you can maximize your tax
savings and support your family’s financial well-being.

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How Much Do You Get Per Kid On Taxes