CHILD TAX
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Informtion
on the child tax credit.
CHILD
TAX CREDIT
Child Tax Credit is a non
refundable credit for individuals with
qualifying children. The maximum amount as of
the year 2004 is a maximum of $1000 per
qualifying child. Individual may be able to
claim Child Tax Credit if they have a qualifying
child.
A qualifying
child is a child in which you can
claim as a dependent, is under the
age of 17 by the end of the
appropriate year,
is
biologically your child, adopted
child, stepchild, or a descendant of
any of them; or is your brother,
sister, stepbrother, stepsister, or
a descendant of any of them whom you
care for as you would your own
child; or is an eligible foster
child, and an U.S. citizen or
resident.
You will need to provide the
identification for each eligible
child, such as, social security
card.
In order to qualify for the credit, your
adjusted gross income must not exceed:
If married filing jointly- $110,000.00
Married Filing
Separately- $55,000.00
Head of
Household, Single, Qualifying Widow or Widower-
$75,000.00
The Child Tax
Credit is reported on Form 1040, or 1040a. You
cannot claim Child Tax credit on Form 1040EZ
If you qualify
to receive child tax credit you may qualify to
receive additional child tax credit.
Unlike the
Child Tax Credit, the Additional Child Tax
Credit is refundable and may entitle you to a
refund, even if you don’t owe any tax. This
particular credit is for individuals who do not
receive the full amount of Child Tax Credit. To
claim the Additional Child Tax Credit, you will
need to file form 8812.
There are work
sheets available to help you figure the amounts
of each credit, such as the Child Tax Credit
Work Sheet and the Additional Child Tax Credit
Work Sheet.
All
information should be verified in the state the
tax payer resides.
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Informtion
on the child tax credit.
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