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.
References in periodicals archive ?
17 for the vast majority of early filers who claimed the Earned Income Tax Credit and the Additional Child Tax Credit.
Retroactive claims for credits Prior-year returns filed during 2016 filing season claiming various credits Credit 2012 2013 2014 Earned income tax credit 7,349 22,834 77,867 Child tax credit 5,878 17,616 64,643 Additional child tax credit 4,551 14,009 50,154 American opportunity tax credit 1,586 4,791 20,349 Source: TIGTA analysis of individual tax returns processed as of Feb.
As is the case with the provision affecting the EITC, these provisions disallow retroactive fifing of either amended or original prior-year returns that were due before issuance of the ITIN to claim the child tax credit or the American opportunity tax credit.
New figures produced for Mr McPartland by the House of Commons library show many people affected by cuts to working tax credits will also lose child tax credits.
In Birmingham alone, 64,400 working households with children receive either working tax credit, child tax credit or both - affecting 138,200 children.
In the old Tyne and Wear region, 49,300 working households with children receive either working tax credit, child tax credit or both - affecting 88,300 children.
Under current law, the child tax credit is gradually reduced and phased out for individuals making more than $75,000 a year and married couples making more than $110,000 a year.
She failed to notify her change in circumstances and by the time the truth was discovered in 2013 she had been overpaid a total of PS25,121 of which PS12,486 was income support and PS12,634 in child tax credit.
Meanwhile the child element of child tax credits will increase by GBP135 but the couple and lone-parent elements of working tax credit are being frozen, the BBC reports.
Cardiff West Labour MP Kevin Brennan condemned the axing of the pounds 110 increase, saying: "I was shocked and appalled to learn the UK Government's decision to abandon the rise in child tax credit will remove pounds 50m from around 400,000 children in Wales.
The ConDems' appalling benefit cuts has David Cameron waging an all-out war on women: child tax credit has been either axed or frozen, the baby element of child tax credit has gone as has the health in pregnancy grant.
He pockets almost pounds 800 a month in hand-outs including child tax credit, working tax credit and child benefit.

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