{"id":326,"date":"2012-02-15T11:49:23","date_gmt":"2012-02-15T16:49:23","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=326"},"modified":"2024-11-23T08:32:11","modified_gmt":"2024-11-23T13:32:11","slug":"the-child-tax-credit-11-key-points","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=326","title":{"rendered":"The Child Tax Credit: 11 Key Points"},"content":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Tax Tip 2012-29<\/span><\/span><\/h3>\n

Inside This Issue<\/span><\/span><\/h3>\n
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The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. The IRS would like you to know these eleven facts about the child tax credit.<\/span><\/p>\n

1.\u00a0Amount<\/strong> With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.<\/span><\/span><\/p>\n

2.\u00a0Qualification<\/strong> A qualifying child for this credit is someone who meets the qualifying criteria of seven tests: age, relationship, support, dependent, joint return, citizenship and residence.<\/span><\/span><\/p>\n

3.\u00a0Age test<\/strong> To qualify, a child must have been under age 17 \u2013 age 16 or younger \u2013 at the end of 2011.<\/span><\/span><\/p>\n

4.\u00a0Relationship test <\/strong>To claim a child for purposes of the Child Tax Credit, the child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.<\/span><\/span><\/p>\n

5.\u00a0Support test<\/strong> In order to claim a child for this credit, the child must not have provided more than half of his\/her own support.<\/span><\/span><\/p>\n

6.\u00a0Dependent test <\/strong>You must claim the child as a dependent on your federal tax return.<\/span><\/span><\/p>\n

7.\u00a0Joint return test <\/strong>The qualifying child can not file a joint return for the year (or files it only as a claim for refund).<\/span><\/span><\/p>\n

8.\u00a0Citizenship test<\/strong> To meet the citizenship test, the child must be a U.S. citizen, U.S. national or U.S. resident alien.<\/span><\/span><\/p>\n

9.\u00a0Residence test<\/strong> The child must have lived with you for more than half of 2011. There are some exceptions to the residence test, found in IRS <\/span><\/span>Publication 972<\/span><\/a>, Child Tax Credit.<\/span><\/p>\n

10.\u00a0Limitations<\/strong> The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies by filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax and any alternative minimum tax you owe.<\/span><\/span><\/p>\n

11.\u00a0Additional Child Tax Credit <\/strong>If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.<\/span><\/span><\/p>\n

For more information, see IRS Publication 972, available at <\/span>www.IRS.gov<\/span><\/a> or by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant on the IRS website to determine if you\u2019re eligible for the Child Tax Credit. The ITA is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.<\/span><\/p>\n

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Note<\/em>. From Issue Number: IRS Tax Tip 2012-29. Copyright 2012 by Copyright Holder. Reprinted with permission.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Tax Tip 2012-29 Inside This Issue The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. The IRS would like you to know these eleven facts about the child tax credit. 1.\u00a0Amount With … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,29,41,4,8],"tags":[],"class_list":["post-326","post","type-post","status-publish","format-standard","hentry","category-consumer-laws","category-education","category-personal-finance","category-savings","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=326"}],"version-history":[{"count":5,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/326\/revisions"}],"predecessor-version":[{"id":580,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/326\/revisions\/580"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}