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WHAT IS THE CHILD TAX CREDIT?

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 * Minimize Your Taxes with the Child and Dependent Care Tax Credit
 * Additional Child Tax Credit
 * Child Tax Credit Calculator


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Claiming the Child Tax Credit


CLAIMING THE CHILD TAX CREDIT


THE 7 STEP CHECKLIST

If you are a parent, guardian, or someone who can claim a child as a dependent
on your income tax return, you may be eligible to claim the child tax credit.
This is a refundable federal tax credit, which may be worth as much as $2,000
per child.

Some tax benefits are created for families with children to help ease the
financial costs, and this is one that is often missed. Don’t confuse this with
the Child and Dependent Care tax deduction. They are very different.

You can claim the child tax credit by using online tax software. Tax software
helps busy families by finding tax deductions and credits in a quick and easy
way.

There are many ways to qualify for this valuable tax credit and checking
eligibility for a qualifying child is the first step. You must be able to say
yes to all 7 questions below.


HERE IS A CHECKLIST TO DETERMINE IF YOUR CHILD OR DEPENDENT CAN BE CLAIMED FOR
THE CREDIT;

1) Relationship Test – The dependent child is a son, daughter, stepchild, foster
child, adopted child, brother or sister; or a descendant of any of these
relations such as a grandchild, nephew, or niece



2) Residency Test – The dependent child lived with the taxpayer for more than
half the year (there are exceptions to this rule)

3) Age Test – The dependent the child is 16 years old or younger, not 17 or
older

4) Support Test – The dependent child did not provide more than half of his or
her own financial support

5) Citizenship Test – The dependent child is a citizen or resident alien of the
United States

6) Dependency Test – The dependent child meets the criteria to be claimed as a
dependent of the taxpayer

7) Income Tax Return Test – The dependent child does not file a joint tax return
or (files only to claim a tax refund)


HOW TO CALCULATE THE CHILD TAX CREDIT



The Dependents Tax Credit Calculator will give you an accurate view of how much
you could be entitled to.

Just answer some simple questions regarding your income and your living
circumstances, and you’ll get a readout on how much you may be eligible for.

It’s easy to claim all of the tax credits you deserve when you prepare your tax
return online. The online software will choose the correct credits for you based
on your answers to some simple questions.




CLAIMING THE CHILD TAX CREDIT – TURBOTAX TAX TIP VIDEO




CHILD TAX CREDIT HISTORY AND UPDATES

The Child Tax Credit was established in 1997 to assist families with offsetting
the general cost of raising children. Two expansions of the credit have taken
place, in 2001 and again in 2009. Children under the age of 17 at the end of a
tax year (December 31) may qualify for the credit, which is capped at a maximum
of $1,000 per child.

The credit is deducted from the owed taxes on a tax return. Some of the credit
may be refundable when the credit is over the tax liability of the family. Only
a portion of the excess payment is given to taxpayers, which is then called the
Additional Child Tax Credit. The way this works is that the refund can be up to
15-percent of earned income above $3,000.

If you earn more than $3,000 in a tax year, you can complete a worksheet to see
if your family situation qualifies for the Child Tax Credit. If you have an
income of $9,666 or more and have only one child, you are likely eligible for
the full credit. If you have two children, you must earn at least $16,333 for
each additional child.


YOUR FILING STATUS AFFECTS THE CREDIT AMOUNT

Once the earned income of a taxpayer filing under single status reaches $75,000,
the child tax credit is reduced slightly. Married couples can have up to
$110,000 income when filing jointly before the credit is reduced. There is a cap
on claiming some of the credit, which is set at 5-percent above the reduction
threshold. If you file a joint return, married couples can earn up to $130,000
before reductions in the credit allowed to be taken. Now, once you reach this
income level, and have only one child, you are not eligible for the credit at
all.

If you have two children, you may qualify for a partial credit if your income
does not exceed $150,000 for those that are married filing jointly. Families
with more than two children have higher income thresholds to qualify for a
partial Child Tax Credit.

In 2001, the Economic Growth and Tax Relief Reconciliation Act was enacted. It
doubled the standing credit of $500 to $1,000. This made the refundable credit
amounts available to more families. Changes to this Act were made in 2009 to
extend the credit but were made permanent by the American Taxpayer Relief Act in
2012. In 2009, income thresholds were reduced to $3,000 to be able to claim the
Child Tax Credit.

If you live in Oklahoma or New York, you may qualify for piggyback Child Tax
Credits. Colorado also has an additional credit available if you have qualifying
children under the age of 6. State Child Tax Credits also exist in California
and North Carolina, which are not regulated on percentages of federal credits.
New York offers a temporary tax credit that can be claimed.

Don’t worry, TurboTax will ask you simple questions and help you claim the child
tax credit. 



TurboTax Online Filing. Try for Free! TurboTax Free Edition. ~37% of taxpayers
qualify. Form 1040 + limited credits only.


ONLINE TAX FILING

 * TurboTax Online Filing


IRS TAX FORMS YOU'LL NEED

 * Find Your W-2 Form Online
 * IRS 1040 Tax Forms & Instructions


CALCULATE YOUR TAX REFUND!



Free Tax Refund Calculator for 2023, 2024
If you are expecting a refund, you probably want to know just how much of a
refund you will be getting.


CHILD TAX CREDIT

 * Additional Child Tax Credit
 * Child & Dependent Care Credit
 * Child Tax Credit Calculator
 * Claiming the Child Tax Credit

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