You may be able to claim a child tax credit if you have a qualifying child.
The credit can be as much as $500 for each qualifying child.
A qualifying child is a child who:
- Is claimed as your dependent,
- Was under age 17 at the end of 2000,
- 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
$500 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 $500 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. Certain taxpayers may also have
to complete worksheets in
Publication 972.
Use Form 8812 to figure the
additional child tax credit and attach it to your return.
For more information on the child tax credit, order
Publication 17. To order forms and
publications, call 1-800-829-3676, or download them from the
Forms and Publications section of this web site.
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