Tax Credits And Deductions
Child Tax Credit
The child tax credit remains $1,000 for a qualifying child under age 17. A qualifying child is a son, daughter, stepchild, eligible foster child who is a dependent, brother, sister, stepbrother, stepsister, or descendent of one of them (including grandchild, niece and nephew). This credit is nonrefundable, and can only reduce the taxpayer's income tax. If you do not receive all of the child tax credit, you may be eligible for the additional child tax credit which is refundable.
Child Tax Credit Change
For 2015, the child tax credit is refundable to the extent of 15% of the taxpayer’s earned income in excess of $3,000