Not true. You may qualify for up to a $1000 Federal Child Tax Credit per child.
To claim the Child Tax Credit
- Your dependent must be under 17 years of age on the last day of the year
- The Child Tax Credit cannot be used to reduce your tax liability below zero (cannot exceed taxes owed)
- Also, the Child Tax Credit is reduced by $50 for every $1,000 that your Adjusted Gross Income exceeds $110,000
State may be different.
