Income Tax Service For Individuals - If you have a child under age 17, the Child Tax Credit may save you money at tax time. Here are some key facts the IRS wants you to know about the credit.
· Amount. The non-refundable Child Tax Credit may help cut your federal income tax by up to $1,000 for each qualifying child you claim on your tax return.
· Qualifications. A child must pass seven tests to qualify for this credit:
1. Age test. The child was under age 17 at the end of 2013.
2. Relationship test. The child is your son, daughter, stepchild, foster child,
brother, sister, stepbrother, or stepsister. A child can also be a descendant
of any of these persons. For example, your grandchild, niece or nephew will
meet this test. Adopted children also qualify. An adopted child includes a
child lawfully placed with you for legal adoption.
brother, sister, stepbrother, or stepsister. A child can also be a descendant
of any of these persons. For example, your grandchild, niece or nephew will
meet this test. Adopted children also qualify. An adopted child includes a
child lawfully placed with you for legal adoption.
3. Support test. The child did not provide more than half of his or her own
support for 2013.
support for 2013.
4. Dependent test. You claim the child as a dependent on your 2013 federal
income tax return.
income tax return.
5. Joint return test. A married child can’t file a joint return with their spouse
they are filing jointly only to claim a tax refund.
they are filing jointly only to claim a tax refund.
6. Citizenship test. The child must be a U.S. citizen, U.S. national or U.S.
resident alien.
resident alien.
7. Residence test. In most cases, the child must have lived with you for more
than half of 2013.
than half of 2013.
· Limitations. Your filing status and income may reduce or eliminate the credit.
· Additional Child Tax Credit. If you get less than the full Child Tax Credit, you may qualify for the refundable Additional Child Tax Credit. This means you could get a refund even if you owe no tax.
We're here to help! For no obligation free consultation contact us today!
(651) 621-5777, (952) 583-9108, (612) 224-2476, (763) 269-5396
No comments:
Post a Comment