To calculate the tax credit for childcare expenses, multiply your qualifying expenses by the tax credit rate for your family income. The amount of your qualifying expenses is the lesser of the following: your childcare expenses that qualify for the credit for the year; the childcare expense limit.Who qualifies for child credit?
The child tax credit is available to taxpayers who have a "qualifying child.". A person is a "qualifying child" if he or she has not attained the age of 17 by the end of the taxable year and meets the requirements of 26 U.S.C.Who gets the child tax credit?
The tax credit applies to children who are considered related to you and reside with you for at least six months out of the year. Note that though the eligibility requirements are relatively broad, higher-income families may receive a reduced credit.