Child Tax Credit (CTC)

The Child Tax Credit (CTC) is a tax benefit designed to help families with children by reducing the amount of federal income tax they owe. It provides a financial boost per qualifying child under age 17, which can be received as a lump sum or refundable payments, depending on income and other factors. The CTC aims to support child-related expenses, promote economic stability for families, and is often adjusted annually based on legislation and inflation. Eligibility depends on income levels, filing status, and the number of qualifying children.