(Presseportal openBroadcast) - Frank Ellis, one of the most popular federal tax credits expert, publishes an article on how to get the most money out of the IRS Child Tax Credit.
The parent or legal guardian of a dependent minor age can take a child tax credit for a child 17 years or younger. This tax credit can earn the guardian a reasonable amount of money at the end of the fiscal year. The maximum credit allowed per a child is $1,000.
To be eligible to claim the IRS Child Tax Credit , the dependent must have a provable citizenship/resident alien status. The dependent must also not contribute 50-percent or more of income they earn toward supporting themselves. The dependents that qualify for this offer includes are Biological children, Adopted children, Foster children, Grandchildren, Guardian for related family member’s children (nieces/nephews), and guardians must provide a provable guardianship for a dependent they are financially supporting.
Additionally, the child tax credits exist in situations where the amount of child tax credit applied to the tax return results in a refund status. This means that the amount accrued in additional child tax credits exceeds the taxpayers’ liability. Two options exist to calculate the credit refund.
For families with a single child or two children, the first option is that a refundable amount equals the balance leftover after the credits and tax liabilities has been applied. The second option is to receive 15-percent of the earned income above $3,000. The Internal Revenue Service will issue the lesser of the two amounts in the form of a refund. Families with more than two children, there is a third option available. The third option is the amount of Social Security/Medicare taxes already paid minus the earned income credit (EIC) amount.
In addition, Members of the U.S. Military can claim income earned as combats or combat zone income to count toward the earned income required to qualify for the credit. In cases where guardians paid out-of-pocket for childcare and/or adoption fees before beginning the child tax credit, The Guardian can claim credits for expenses paid OOP.
For more information on how to get the most money out of the IRS Child Tax Credit, read the article at http://maxmoneyzone.org/how-to-get-the-most-money-out-of-the-irs-child-tax-credit/
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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