I think this type of credit is definitely worth looking into because you can reduce your tax bill by as much as $1,000 per child. After you run the gauntlet of the seven tests: age,relationship,support,dependency,citizenship,residency and family income, what else does a parent have to do in order to get the most out of this tax credit? Is anyone out there claiming a Child Tax Credit? If so, I'd like your feedback on this. Is there a specific requirement that is more difficult to qualify for than others?
Here's a few resources, for anyone interested. Seems fairly easy actually, but you do need to be proactive to get this credit, especially if you file yourself.
Official IRS Report - Ten Facts about the Child Tax Credit
Then, a good one from Turbo Tax - 7 Requirements for the Child Tax Credit
J.K.Logic Wrote:Seems fairly easy actually, but you do need to be proactive to get this credit, especially if you file yourself.
Seems fairly easy actually, but you do need to be proactive to get this credit, especially if you file yourself.