What is the child tax credit?
Up to $1,000 per qualifying child (child, descendant, stepchild, eligible foster child, sibling, or descendant of siblings). US citizen, taxpayer claims as dependent, less than 17 years at end of tax year. Phaseout: $75,000 (single), $110,000 (MFJ), $55,000 (separate). Reduce by $50 for each $1,000 over threshold. Refundable up to 15% of earned income in excess of $3,000 (additional child tax credit; form 8812).