Here are some highlights from the link provided above:
- The Child Tax Credit for tax year 2023 and 2024 is $2,000 per child for qualifying children through age 16. A portion of this credit is refundable as the Addition Child Tax Credit meaning that eligible families can get it in the form of a refund, even if they owe no federal income tax.
- If you're single, having a child may allow you to file as a head of household rather than using the single filing status, giving you a bigger standard deduction and more advantageous tax brackets.
- Having a child increases the amount you can earn and still claim the Earned Income Tax Credit (EITC).
- If you pay for childcare to allow you to work and earn taxable income, you may be eligible for the Child and Dependent Care Credit worth up to $1,050 for the care of one child under age 13, or up to $2,100 for the care of two or more children under 13.
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