A child tax deduction is available to most people who file a tax return. The child tax credit of $1,000 is allowed for each child living in your home who is under the age of 17 at the time of filing. This credit is a direct reduction against the amount of tax you owe, and it is not affected by your other deductions or tax credits.Do I qualify for child tax credit?
The IRS Child Tax Credit. To qualify for the Child Tax Credit, you must have a child or dependent who meets all of the following requirements: Age: The child must have been 16 or younger on December 31 of the tax year.What is child dependent deduction?
When filing their taxes, taxpayers with children can claim a dependent deduction for each child. If a taxpayer provides support for an elderly parent or other relative, he can claim a dependent deduction if certain criteria are met. Dependent deductions lower a person's tax liability thereby potentially increasing his income tax refund.