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Child Tax Credit |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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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