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Child Tax Credit

   Also found in: Acronyms, Wikipedia 0.03 sec.
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.


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A third change (act section 501(c)(1)) requires that a QC for whom a taxpayer claims the child tax credit must be one for whom the taxpayer claims a dependency exemption.
There are two types - Child Tax Credit and Working Tax Credit.
This is usually in the form of Child Tax Credit and Working Tax credit and can be worth thousands of pounds a year for struggling mums and dads.
 
 
 
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