How to Figure the IRS Child Tax Credit
- 1). Confirm that your income falls within the guidelines and that your child meets dependency requirements. Income guidelines change by the year, but dependency guidelines include that the child must be your child, a stepchild, a foster child, dependent sibling or step sibling, a dependent grandchild or a dependent niece or nephew who is under 17, a U.S. resident, is claimed as a dependent on your return, lived with you for at least half of the year, provided less than 50 percent of his or her own support and who has not filed a tax return with a spouse, unless it was only to get a refund.
- 2). Determine how many dependent children in your household meet these criteria.
- 3). Multiply that number by $1,000. So, if you have three children that meet this criteria, your Child Tax Credit would be $3,000.