Do you have a grandchild under the age of 17? If so, you may be eligible to claim the Child Tax Credit, in which each grandchild is worth a tax reduction of up to $1,000.
In situations where the Child Tax Credit is worth more than the amount you owe in income tax, the Additional Child Tax Credit will allow you to claim the difference as a refund, even if you haven't paid anything in taxes.
To qualify for the Child Tax Credit, you must meet the following requirements:
Your grandchild was 16 years old or younger by the end of the tax year
You provided more than half of the grandchild's support for the year
You claimed the grandchild as a dependent on your tax return
The grandchild is a U.S. citizen, national, or resident alien
Your grandchild lived with you for over six months of the tax year
You have an adjusted gross income of less than $75,000 for single filers ($55,000 married, filing separately, and $110,000 for joint married filers). In some cases, those with higher AGI's who meet all the other requirements may still qualify for a portion of the credit.
If these requirements apply to you, then you can save some money at tax time with the Child Tax Credit.