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What is it? The Additional Child Tax Credit is a federal tax credit for working families. If you pay too little Federal taxes to get a full refund from the Child Tax Credit, you may be able to get a refund from the Additional Child Tax Credit. This tax credit is fully refundable, which means that you can get more money refunded to you from the credit than you actually paid in Federal taxes throughout the year. For example, if you are eligible for a $500 credit and you paid $300 in Federal taxes, then you would get the full $500 refunded to you. What do I get? If you qualify, the credit allows you to get back up to 10% of your earned income above $11,000. So, if your family's earned income is $15,000 per year, you can get a tax refund of up to $400 from this tax credit ($15,000 - $11,000 = $4,000 x .10 = $400). The total amount of the child tax credit and any additional child tax child tax credit cannot exceed the maximum of null,000 for each qualifying child. |
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