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Jun
10

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How Much is the Child Tax Credit?

Category: Child Tax Credit, Tax Credits Tags: , , , , , , , , , ,

As with any tax credit, refund or deduction, there are a few rules that will influence the amount that eligible applicants will receive.

Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit

How Much do You Get Back in Taxes for a Child?

The child tax credit for 2020, 2021, is worth up to $2,000 per child that is under the age of 17. To be eligible to claim the child tax credit, your child or dependent must first pass all of the eligibility tests:

  1. Must be 16 or younger on the last day of the year
  2. Must be a US citizen, US national, or a resident alien
  3. Must be claimed by you as a dependent
  4. Must be related to you by blood, or step relationship, or legally adopted child/foster child
  5. Must have resided with you for more than half of the year (special rules apply for special circumstances such as divorce)
  6. You must have provided them with more than half of their support

What is the New Child Tax Credit Amount After Tax Reform Changes?

… Read the rest

Dec
14

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What is the Income Limit for the Child Tax Credit?

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What is the Income Limit for the Child Tax Credit?

The child tax credit is a type of tax credit available to parents and guardians who want to reduce the amount of tax they pay this year.

This tax credit will take your overall tax bill and reduce it dollar for dollar. It’s one of the most rewarding types of tax credits working people can take. If you have a qualifying income, you may be able to take the full value of the child tax credit.

It all depends on how many qualifying children you have and how much you make, though.… Read the rest

Dec
6

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Can You Get the Child Tax Credit if You Have No Income?

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Millions of Americans don’t care when the tax season begins or ends because they don’t have to file taxes. If you are someone who has little to no income, you’re under no obligation to file a Federal tax return.

On the other hand, you can still file your taxes if you want to. There’s nothing illegal about filing a Federal tax return displaying zero income. In some cases, this is a smart idea.

So, if you are an American who isn’t legally obligated to file a Federal tax return this year, you may want to see if filing can get you the child tax credit even with no income.… Read the rest

Dec
1

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Child Tax Credit Eligibility

Category: Child Tax Credit, Tax Credits Tags: , , , , , ,

Do you have children or any other dependents in your household? Then the chances are you’ll be eligible to claim the Child Tax Credit.

child tax credit eligibility

For the new tax year, this credit is worth up to $2,000. If you qualify, it will reduce your overall income tax bill due to the Federal government.

You may have already claimed this credit in the past, but for this year, there are some major changes as a result of the tax overhaul initiated at the end of 2017 by the Trump administration.… Read the rest

Nov
25

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What is the Child Tax Credit and Additional Child Tax Credit?

Category: Child Tax Credit, Tax Credits Tags: , , , , , , ,

Do you have one or more children who are under 17 living with you throughout the year? Then you may be able to get a big refund through the Child Tax Credit on your tax return this coming tax year.

If you can’t get this credit, then you could get the Additional Child Tax Credit instead, assuming you meet these qualifications.

child tax credit answers

What is the Child Tax Credit?

This nonrefundable tax credit is available for each qualifying child.

You can claim the child tax credit when you file your yearly tax return.… Read the rest

Jul
3

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What Parents Need to Know About the Additional Child Tax Credit

Category: Child Tax Credit, Tax Credits Tags: , , , , , ,

The Additional Child Tax Credit is an important tax credit that every parent should be aware of.

But what you must keep in mind is that sometimes you can’t take advantage of the Child Tax Credit because the value of the credit is more than you owe in income tax. If you can’t benefit from the credit fully you can claim the Additional Child Tax Credit.

This can give you a payment for the part of the Child Tax Credit you couldn’t take off against your taxes for the reason mentioned above.… Read the rest