Tag: do i qualify for the child tax credit

Posts Tagged ‘do i qualify for the child tax credit’

The Child Tax Credit & Additional Child Tax Credit Changes for 2018!

Posted by Manisha Hansraj on July 23, 2018
Last modified: July 23, 2018

child tax credit 2018

Let your kids treat you by giving you the tax break you deserve.

Typically, for the prior tax years, (including the tax year 2017) you can receive up to $1,000 per qualifying child for the Child Tax Credit (CTC). You may even get the Additional Child Tax Credit (ACTC) which is a refundable credit that you may receive if your CTC exceeds the total amount of income taxes you owe. However, you need an income of at least $3,000. It phases out for taxpayers with the AGI of $75,000 or greater and $110,000 for joint filers.

The good news is that the CTC and the ACTC increases for the next tax year.

Read on to find out the changes for 2018.

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How do I Qualify for the Child Tax Credit?

Posted by Divya Hansraj on June 16, 2017
Last modified: June 6, 2018

Oh, the joys of having children!

Today, it is difficult for parenthood to have its rewards. Children want us to buy them the most expensive toys and clothing and that spending can sometimes feel fruitless. As with struggling to finish a marathon, we strive, hoping there will be a light at the end of the tunnel. Luckily the IRS understands this struggle and gives parents a little something back. The Child Tax Credit and the Additional Child Tax Credit serve as the cushioned shoe inserts that help us finish.

Child Tax Credit (CTC) Facts:

  • You must have a qualifying child.
  • You must have earned greater than $3000 of Income.
  • Each child can receive up to $1000.

 

What is a qualifying child?

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