Under the Working Families Tax Cuts Act, the Child Tax Credit (CTC) is worth a maximum of $2,200 per qualifying child, with a refundable portion of up to $1,700. Families can also open “Trump Accounts”—tax-advantaged investment accounts for children—that feature a government seed contribution of $1,000 for eligible newborns.

Child Tax Credit Details

• Maximum Credit: $2,200 per qualifying child, with the refundable portion (Additional Child Tax Credit) up to $1,700.
• Income Limits: The credit begins to phase out at Modified Adjusted Gross Income (MAGI) thresholds of $200,000 for single filers and $400,000 for married couples filing jointly.
• Eligibility: Both the taxpayer and the qualifying child must have valid Social Security numbers.
• Other Dependents: A permanent $500 credit is also available for non-child dependents (such as adult relatives).