What is the Child Tax Credit?

The Child Tax Credit gives families up to $2,000 per child under age 17. To qualify, your child must have a valid Social Security number and live with you for more than half the year. Part of the credit may be refundable, meaning you can get money back even if you don’t owe taxes. Not all families will qualify for a full credit, however. The credit begins to phase out at $200,000 of modified adjusted gross income for single taxpayers and $400,000 for married couples filing jointly.