Child Tax Credit Information & Calculator

If you have children who are under 17 as of the end of the tax year, you can get a $1,000 tax credit per child on your tax return.

Because this is a credit, not a deduction, you get to take those dollars right off your tax bill. That makes this much better than a deduction would be, which would just reduce the income you use to determine taxes.

And the credit does not affect the exemptions you take for dependents. The credit is in addition to your exemptions.

To claim the credit you must meet these tests, to qualify for the credit:

• The dependent must be a U.S. citizen or resident, and a blood or adoptive son, daughter, stepchild, or grandchild. Foster children qualify if they lived with you as members of your household for all of 2005.
• You must report each qualifying child’s tax identification number (TIN) (usually the child’s Social Security number) on your return for the year that you take the credit.

Additional Child Tax Credit Amount

One of the most common tax credits is the child tax credit

The child tax credit can reduce the amount that you owe for taxes. If youʼre current tax liability is less than the child tax credit than you may be eligible for the additional child tax credit.

This additional credit will allow you a refund. The amount of the refund will differ depending on your total earned income. It may also be affected by the amount of social security and Medicare taxes that were paid.

The additional child tax credit is available to taxpayers with qualifying children. A qualifying child must be under the age of 17 before the end of the tax year and be a resident or citizen of the United States. You must also be able to claim this child as a dependent on your return.

You may receive a refund through the additional child tax credit up to 15% of your total earned income over $11,750.00 and under the income limitations.

Earned Income Credit
I have great news about the Earned Income Credit. The maximum amount of the credit has increased and the maximum amount of income you can earn has increased. If you have three qualifying children you can earn a credit of almost $6,000!

I know thousands of taxpayers will have questions about the Earned Income Credit, so I am going to point you towards the IRS if you want all of the nitty gritty details. Go to the IRS website and on the left side you will see Form and Publications. You will click on that link and look for Publication 596. I don’t know of too many people who want to read IRS Publications, but you just never know.

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