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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.Is the CTC refundable?
Unfortunately, the CTC is only partially refundable: the check back is limited to 15 percent of your earnings over the initial $3,000 threshold. So if your family made $5,000, the refundable portion of the CTC would only be $300.When does the child tax credit begin?
The child tax credit, or CTC, was introduced by 1997 legislation and was first available in 1998. It started as a small, nonrefundable credit of $400 for each qualifying child under 17. In the last 20 years, it has undergone many changes.