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 ?
Doubling the child tax credit delivered immediate and significant tax relief to the Americans who needed it most: working moms and dads, Lee said.
If they qualify, the Child Tax Credit is worth as much as $2,000 per qualifying child.
For example, the child tax credit is more potent than a tax deduction.
It means that any families with at least a third child born after April 2017 will not receive any form of child tax credit beyond their first two children.
* The custodial parent signs Form 8332, Release/ Revocation of Release of Claim to Exemption for Child by Custodial Parent (or a substantially similar document), stating that he or she will not claim the exemption for the child, and the noncustodial parent attaches a copy of the form to his or her own original or amended return for each year he or she claims the exemption and/or child tax credit. The custodial parent may execute Form 8332 effective for one, more than one, or all future tax years.
Similarly, Sections 205 and 206 of the PATH Act added limitations on claiming the child tax credit, including the additional child tax credit, and the American opportunity tax credit by providing that a taxpayer identification number can be used to claim those credits only if it was issued on or before the due date of the return.
In Birmingham alone, 64,400 working households with children receive either working tax credit, child tax credit or both - affecting 138,200 children.
Across the North East, 83,000 working families with children receive both working tax credit and child tax credit. There are 145,000 children living in these households, according to figures published by the Department for Work and Pensions.
WASHINGTON -- More families with higher incomes could claim the popular child tax credit under a bill that won approval Friday in the House.
IF you get any of the following, your child may be entitled to receive free school meals: Income Support; income-based Jobseekers' Allowance; income-related Employment and Support Allowance; support under Part VI of the Immigration and Asylum Act 1999; the guaranteed element of State Pension Credit; Child Tax Credit (provided you're not also entitled to Working Tax Credit and have an annual gross income of no more than PS16,190); Working Tax Credit run-on; or Universal Credit.
Current tax credits include the credit for child and dependent care expenses, education credits, the foreign tax credit, the retirement savings contributions credit, the child tax credit, the adoption credit, the plug-in electric vehicle credit, and residential energy credits.

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