If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return. A tax credit reduces your tax bill dollar-for-dollar, so three qualifying children, for example, can cut what you owe Uncle Sam by $3,000.
Likewise, people ask, how much is the child tax credit for 2017?
In 2017, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.
How much do you get back on your taxes for having a child?
The Child Tax Credit is $1,000 per qualifying child. A child must be your dependent and under age 17. The amount of the credit is reduced starting when your adjusted gross income reaches IRS limits. For 2012, the limit for married couples filing jointly was $110,000.
What is the standard deduction for a child 2017?
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.