Child Tax Credit: A Tax Break for the Middle Class

Having a kid could shave $1,000 off your tax bill.

Kids are expensive. A typical middle-class family spends nearly $250,000 to raise a child to the age of 18. While Uncle Sam can’t foot the bill for you, the Child Tax Credit can lessen the sting.

As long as your income isn’t too high, a new baby can earn you a $1,000 tax credit every year until the child turns 17. Eligibility begins the year the child is born.

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David Muhlbaum
Former Senior Online Editor

In his former role as Senior Online Editor, David edited and wrote a wide range of content for Kiplinger.com. With more than 20 years of experience with Kiplinger, David worked on numerous Kiplinger publications, including The Kiplinger Letter and Kiplinger’s Personal Finance magazine. He co-hosted  Your Money's Worth, Kiplinger's podcast and helped develop the Economic Forecasts feature.