Child Tax Credit Limit and Worksheet for2012, 2013_
The Child Tax Credit is an important tax credit for people who may be able to save up to $1,000 in income per qualifying child, depending on the level of income at the time of the tax return.
There are many things you need to know to determine if the child tax credit is right for you, but rest assured that it can be a huge help to all sorts of people in many situations.
By claiming the Child Tax Credit you can reduce your federal income tax by up to $1,000 for each qualifying child that is under 17 years old, as long as certain requirements are met. Qualifying children are children who meet six tests: age, support, residence, relationship, dependency, and citizenship. The child must be under 17 years old at the end of the year to qualify for the tax credit.
Tax Credit Limit
There are certain limitations to the Child Tax Credit, including the fact that the modified, adjust gross income for the family in question must be below a certain amount to qualify for the full credit. There is a phase out of the tax credit for married filers, and most phase outs begin at $110,000 and continue as more money is made by the family in question.
For other tax payers who are not married or filing jointly, the phase out begins at $75,000 and is generally limited by the amount of income tax owed by the person in question, as well as whether or not they own any alternative minimum taxes, as well.
Additionally, for some people, you may be able to claim the Additional Child Tax Credit if the amount of income tax you owe is great than the amount of the Child Tax Credit in general.
Child Tax Credit Worksheet
To determine the amount owed on a Child Tax Credit, you are meant to fill out the Child Tax Credit Worksheet, Line 51, and determine exactly how much you are owed and how much per child you qualify for in taxes. The worksheet asks for specifics on income level and filing status, and is closely related to most of the information found on Form 1040 and other IRS forms.
You can use the worksheet to not only calculate how many credits you may qualify for relative to children you have, but also calculate the exact number you qualify for, as the worksheet takes you through simple math needed to determine your Child Tax Credit.
By the end of the worksheet, you will have an exact amount of money due to you for the Child Tax Credit, that can then be taken off your income taxes and either reimbursed or removed from your bill to the IRS. Please visit, http://www.claimthechildtaxcredit.com/ to learn more.
There are many things you need to know to determine if the child tax credit is right for you, but rest assured that it can be a huge help to all sorts of people in many situations.
By claiming the Child Tax Credit you can reduce your federal income tax by up to $1,000 for each qualifying child that is under 17 years old, as long as certain requirements are met. Qualifying children are children who meet six tests: age, support, residence, relationship, dependency, and citizenship. The child must be under 17 years old at the end of the year to qualify for the tax credit.
Tax Credit Limit
There are certain limitations to the Child Tax Credit, including the fact that the modified, adjust gross income for the family in question must be below a certain amount to qualify for the full credit. There is a phase out of the tax credit for married filers, and most phase outs begin at $110,000 and continue as more money is made by the family in question.
For other tax payers who are not married or filing jointly, the phase out begins at $75,000 and is generally limited by the amount of income tax owed by the person in question, as well as whether or not they own any alternative minimum taxes, as well.
Additionally, for some people, you may be able to claim the Additional Child Tax Credit if the amount of income tax you owe is great than the amount of the Child Tax Credit in general.
Child Tax Credit Worksheet
To determine the amount owed on a Child Tax Credit, you are meant to fill out the Child Tax Credit Worksheet, Line 51, and determine exactly how much you are owed and how much per child you qualify for in taxes. The worksheet asks for specifics on income level and filing status, and is closely related to most of the information found on Form 1040 and other IRS forms.
You can use the worksheet to not only calculate how many credits you may qualify for relative to children you have, but also calculate the exact number you qualify for, as the worksheet takes you through simple math needed to determine your Child Tax Credit.
By the end of the worksheet, you will have an exact amount of money due to you for the Child Tax Credit, that can then be taken off your income taxes and either reimbursed or removed from your bill to the IRS. Please visit, http://www.claimthechildtaxcredit.com/ to learn more.