| |
You may be able to claim a child tax credit if you have a qualifying
child. The credit can be as much as $600 for each qualifying child.
A qualifying child is a child who:
- Is claimed as your dependent,
- Was under age 17 at the end of 2001,
- Is your son, daughter, adopted child, descendant of a child,
stepchild, or foster child, and
- Is an U.S. citizen or resident.
The credit is limited if your modified adjusted gross income is
above a certain amount. The amount at which this phase out begins
depends on your filing status, which is as follows:
- Married filing joint $110,000
- Head of Household/Single/Qualifying Widow or Widower $75,000
- Married filing separate $55,000
The child tax credit is also limited by the amount of your tax
liability. However, you may be able to claim the "additional" child
tax credit if you have three or more qualifying children and you
are not able to claim the full $600 child tax credit for each child.
The additional child tax credit may give you a refund even if you
do not owe tax.
The total of both credits cannot be more than $600 for each qualifying
child. These credits are in addition to the child and dependent
care credit and the earned income credit.
Follow your Form 1040 or Form 1040A instructions and complete the
child tax credit worksheet.
Additional Resources Regarding The Child Tax Credit:
IRS
Frequently Asked Questions
IRS
Publication 17, Chapter 35: Child Tax Credit
IRS
Tax Topic 606: Child Tax Credit
|
|
