For 2018, the recently passed tax reform bill doubles the amount of the Child Tax Credit from $1,000 to $2,000 per qualifying child. In other words, if you have one child, you'll be able to claim a $2,000 credit. For two children, your credit is $4,000. It's also important to emphasize that this is a credit, not a tax deduction. While a deduction reduces the amount of your income that is subject to tax, a credit reduces your tax bill dollar-for-dollar.
But that means the 2018 tax returns field in early 2019, not the 2017 ones we are doing now.
@1995mgl14 You are posting to a year old thread. The rules for the child tax credit have changed for 2018.
Do not assume your refund will include $2000 per child for child tax credits. It does not work that way. The CTC is used first to reduce your tax liability to zero. After that, there is a refundable portion called the Additional Child Tax Credit that is calculated based on the amount of income you earned. You do not necessarily get the maximum amount. You get 15% of the amount of income earned above $2500--UP to the maximum amount possible.