Child Tax Credit 2013
Again, it’s important during tax season that you take advantage on any programs to reduce your taxable income. The Child Tax Credit helps reduce your taxable income depending on the tax bracket you’re placed in.
TurboTax software can determined how your eligibility, estimated income and number of dependents. Just think, you may be able
to claim up to $1,000 per child.
Who is a qualifying child?
Ÿ Your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendent of any of them.
Ÿ The child MUST be under the age of 17 by the end of the year. The age of 17 does not qualify.
Ÿ Your child lived with you over half of the year.
Ÿ You supplied more than half of the support for the child for the year.
Ÿ Your child MUST be a U.S citizen, U.S. national, or a U.S resident alien. An adopted child is treated as your own, same for any children placed in your custody by law.
What if you have ZERO tax to reduce?
There are special forms that you can for this. In addition there is a possibility you can be eligible to receive the additional child tax credit.
There is no standard rate for each child. It depends on your income. So the next step is to go to TurboTax and estimate your child tax credit for FREE, to see what your total will be!
Remember, you can receive a credit of up to $1,000 per child!