Child Tax Credit


Also found in: Acronyms, Wikipedia.

Child Tax Credit

In U.S. tax law, a direct dollar-for-dollar reduction in one's tax liability per eligible child in the household. Depending on the modified AGI of the person(s) filing, the child tax credit is generally $1,000 per child. See also: Tax credit.

Child Tax Credit

A credit of up to $1,000 per eligible child under age 17 at the end of the tax year. The credit may be refundable for taxpayers with three or more children eligible for the credit and for those whose earned income exceeds a specified amount that is adjusted for inflation each year.
References in periodicals archive ?
The tax savings of the Child Tax Credit commences to phase out at different levels than the commencement of phase out for the dependency exemption.
Mr Cameron said: "We are like tax credits, we are keeping tax credits but for families over pounds 50,000 we think we can't afford the child tax credits.
For years prior to 2009, parents with high AGI subject to phase-out of exemptions and reduction or complete loss of child tax credits could forgo taking QC exemptions and allow one child to take QC exemptions and a child tax credit for other siblings (assuming the claiming child met all other QC tests with respect to the siblings, including support).
July 31 is the taxman's deadline to renew claims for two types of payments: child tax credits and working tax credits, with HM Revenue and Customs (HMRC).
They've also been asked to repay pounds 6,000 of overpayments from child tax credits, at pounds 42 a month.
On April 1, the Government replaced existing tax credits with two new tax credits - Child Tax Credit and Working Tax Credit.
The Inland Revenue is nearing meltdown as it tries to implement the Chancellor's Child Tax Credits.
But for the purposes of the child tax credit, which cuts $600 per child off the cost of each tax bill, a foster child is only a "child placed with you by an authorized placement agency.
This month sees the introduction of the working tax credit, which replaces the working families' tax credit and the disabled person's tax credit; the child tax credit, which replaces the children's tax credit; a 1 per cent increase in national insurance contributions; flexible working arrangements for parents; and extended maternity leave rights.
Harvard's David Ellwood and Jeffrey Liebman have proposed a single, integrated child tax credit to replace the existing combination of the Earned Income Tax Credit, child tax credit, and dependent exemption in order to target more support to middle-income families.
The 2001 Tax Act increased the amount of the child tax credit to $1,000, over a ten-year period.
Topics covered include making the most of rebate checks or tax credits, lower marginal rates, increased child tax credit, and increased alternative minimum tax exemption.

Full browser ?