(Presseportal openBroadcast) - A new FileMyTaxesOnline.com article reveals how much the Child Tax Credit is and how much per child under 17 a taxpayer can receive.
November 16, 2015 – FileMyTaxesOnline.com has published the article “How Much is the Child Tax Credit?”. Penned by tax preparation expert Frank Ellis, it reveals the credit is worth up to $1,000 per child under 17. Eligibility requirements are listed and include the child being 16 or under on the last day of the year. They must also be a U.S. citizen, national, or resident alien. Relationship to the taxpayer, time of residence, and amount of support provided affect eligibility as well.
The Child Tax Credit maximum is explained in several insightful points. Ellis reveals the credit is partially refundable, if earned income exceeds $3,000, until 2017. In addition, AGI thresholds for decreasing the credit are mentioned, as is the need to include foreign income exclusions.
Also, the author covers the Additional Child Tax Credit, a refundable credit available to taxpayers, and Form 1040 (Schedule 8812), which helps determine if one qualifies. Credit amounts are calculated on this form as well. Ellis mentions that e-filing tax returns makes it easier because the math is done by the software.
It is explained what happens if more than one person tries to claim the same child. Other child related tax savings are listed next. These include exemptions, child and dependent care credit, and the adoption tax credit. Filing status counts as well. Unwed taxpayers whose child lives with them more than half the year may qualify for higher standard deductions, and lower tax rates.
The author ends by mentioning e-filing with TurboTax. Users are asked questions which help determine qualifications for credits right away, including the Child Tax Credit.
Read more at http://filemytaxesonline.org/how-much-is-the-child-tax-credit/ to gain further insight into the Child Tax Credit and eligibility.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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