The Child Tax Credit allows eligible recipients to deduct child and dependent costs on the year’s tax return. Currently there is a maximum allowance of $1000 per child.
In order to be eligible for the tax credit, the following requirements need to be met:
- Child must be related to the applicant
- Have lived with the applicant for more than 6 months
- Be claimed as a dependent on the tax return
- Be under the age of 16.
For additional information, see: