One of the most common tax credits is the child tax credit
The child tax credit can reduce the amount that you owe for taxes. If you have
three or more dependents that qualify for the child tax credit, you may be eligible
to claim the additional child tax credit. This additional credit will allow you a refund. The amount of the refund will differ depending on your total earned income. It may also be affected by the amount of social security and Medicare taxes that were paid.
The additional child tax credit is available to taxpayers with qualifying children. A qualifying child must be under the age of 17 before the end of the tax year and be a resident or citizen of the United States. You must also be able to claim this child as a dependent on your return.
You may receive a refund through the additional child tax credit up to 15% of your total earned income over $11,750.00 and under the income limitations.
The income limitations are as follows:
Married filing jointly- $110,000
Single, head of household-$75,000
Married filing separately-$55,000
If you have three or more dependents that qualify for the child tax credit then you might also be able to claim the additional child tax credit. You may be able to claim up to the full amount of social security taxes that you have paid. If you have also qualified to receive the earned income credit than your maximum amount that you can receive for the additional child tax credit will be your social security tax paid minus the amount of the earned income credit you are able to receive.