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Child Tax Credit |
Also found in: Acronyms, Wikipedia | 0.03 sec. |
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Child Tax Credit A credit given to taxpayers for each dependent child that is under the age of 17 at the end of the tax year. Notes: This is a reward given to parents or guardians for taking care of their dependents. |
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| The guidance relates to claiming a child for purposes of determining heed-of-household filing status, the child and dependent care credit, the child tax credit, the earned income credit, the exclusion for dependent care assistance and the dependency deduction, unless the special rule relating to a noncustodial parent applies. Both plans also repeal the personal exemption, standard deduction and child tax credit to be replaced with a family credit available to all taxpayers ($3,300 for married couples; $2,800 for unmarried taxpayers with child; $1,650 for unmarried taxpayers; $1,500 for dependent taxpayers; additional credit of $1,500 for each child and $500 for each dependent). Itemize her deductions rather than filing the short form to take advantage of the child tax credit and her deductible student loan interest. |
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Child Tax Credit