The Child Tax Credit is an important tax credit that may save you up to
$1,000 for each eligible qualifying child. Be sure you qualify before you claim
it. Here are five useful facts from the IRS on the #Child_Tax_Credit:
1. Qualifications. For the Child Tax Credit, a qualifying
child must pass several tests:
·
Age. The child must have been
under age 17 at the end of 2015.
·
Relationship. The child
must be your son, daughter, stepchild, foster child, brother, sister,
stepbrother, stepsister, half brother, or half sister. The child may be a
descendant of any of these individuals. A qualifying child could also include
your grandchild, niece or nephew. You would always treat an adopted child as
your own child. An adopted child includes a child lawfully placed with you for
legal adoption.
·
Support. The child must have not
provided more than half of their own support for the year.
·
Dependent. The child
must be a dependent that you claim on your federal tax return.
·
Joint return. The child
cannot file a joint return for the year, unless the only reason they are filing
is to claim a refund.
·
Citizenship. The child
must be a U.S. citizen, a U.S. national or a U.S. resident alien.
·
Residence. In most
cases, the child must have lived with you for more than half of 2015.
2. Limitations. The Child Tax Credit is subject to income
limitations. The limits may reduce or eliminate your credit depending on your
filing status and income.
3. Additional Child Tax Credit. If you qualify and get
less than the full Child Tax Credit, you could receive a refund even if you owe
no tax with the Additional Child Tax Credit.
4. Schedule 8812. If you qualify to claim the Child Tax
Credit, make sure to check if you must complete and attach Schedule
8812, Child Tax Credit, with your tax return. For example,
if you claim a credit for a child with an Individual Taxpayer Identification
Number, you must complete Part I of Schedule 8812. If you qualify to claim the
Additional Child Tax Credit, you must complete and attach Schedule 8812. You
can visit IRS.gov to view, download or print IRS tax forms anytime.
5. IRS E-file. The easiest way to claim the Child Tax
Credit is with IRS E-file. This system is safe, accurate and easy to use. You
can also use IRS
Free Fileto prepare and e-file your taxes for free. Go to IRS.gov/filing to learn more.
Each and every taxpayer has a set of fundamental rights they should be
aware of when dealing with the IRS. These are your Taxpayer
Bill of Rights. Explore your rights and our obligations to protect
them on IRS.gov.
Additional IRS
Resources:
·
Publication 972, Child
Tax Credit
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