Explain the child tax credit to me

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It's $1,000, correct?

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Yes, $1,000 per child. With certain income limitations. It starts to phase out at $100,000-MFJ & $75,000-Single.

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Also, this means that if I owe $500 in federal taxes, then I should receive $500 instead of owing anything, right?

It's a tax credit, not a tax deduction, right?

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Yes, & yes.

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Also, this is for each child under 18, right?

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See the rules for a "qualifying child" below:

-Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew),

-Was under age 17 at the end of 2014,

-Did not provide over half of his or her own support for 2014,

-Lived with you for more than half of 2014 (see Exceptions to time lived with you , later),

-Is claimed as a dependent on your return,

-Does not file a joint return for the year (or files it only to claim a refund of withheld income tax or estimated tax paid), and

-Was a U.S. citizen, a U.S. national, or a U.S. resident alien. For more information, see Publication 519, U.S. Tax Guide for Aliens. If the child was adopted, see Adopted child , later.