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Child Tax Credit Rules

What is a child tax credit?

When a family has dependent children and they file taxes, then they are eligible to receive a tax credit. There are several factors that will determine if the family receives the child tax credit. These factors are to be considered for the family, and would need to make less than $110,000 in a year to claim the whole credit. If the family makes over $110,000 then they may only be eligible to receive a portion of the child tax credit if any at all. Read below where individuals have received answers from Experts pertaining to child tax credit rules.

If a family is filing taxes in the year 2010, then what are the rules to receive the child tax credit?

There are many factors that a family needs to consider when applying for the child tax credit of up to $1000 per child. These factors are age, relationship, support, dependant, citizenship, and residence. When a child is 16 years or younger at the end of 2010, then they would fall under the age factor. When a child has the relationship of son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, niece, nephew, or grandchild then they would fall under the relationship factor. When the support factor is looked at, if the child provides half or more of their own support, then they can’t be claimed by the parents. The parents would need to file the child as a dependant on their tax return to qualify for the dependant factor. The citizen factor would mean that the child would need to be a U.S. citizen, U.S. national, or a U.S. resident alien. The child would also have to have lived with the parents for at least half of the year to be able to claim the residence test. The amounts of the credits will depend on the income of the family and filing status.

If a person forgot to claim their child tax credit on their 2009 taxes and filed their 2010 taxes already, can they claim the forgotten child tax credit for 2009 when they file their 2011 taxes?

The person would need to file an amend return using Form 1040X to fix the 2009 return. The person can fill the form out and then mail it to the IRS and then it will take up to 12 weeks to process the return.

Can an overseas missionary claim the child tax credit for a nanny to learn the language of the country so that the parent can start their own business and what is the statute?

The child care provider would generally need to be a foreign citizen and according to the Internal Revenue Service (IRS) Publication 503 “U.S. citizens and resident aliens living abroad. If you are living abroad, your care provider may not have, and may not be required to get, a U.S. taxpayer identification number (for example, an SSN or an EIN). If so, enter "LAFCP" (Living Abroad Foreign Care Provider) in the space for the care provider's taxpayer identification number.” The parent would need to use the child care to work and can only use the credit if they are working or during the working hours.

Why can’t a parent of a 21 year old college student claim the child tax credit?

The exception to this rule is if the child is a full time student at least 5 months out of the year. The child tax credit is only for children who are 17 years or younger, making the 21 year old student a dependant but not eligible for the child tax credit.

When a parent if filing for taxes and they have a child that meets the qualifications for the child tax credit, then they may want to claim that credit when filling out their tax return. When a parent is filling out the return they may have questions regarding what the qualifications are, how much the limits are, who can claim the child tax credit, and many other questions regarding the laws and rules of the child tax credit. When these questions arise, then the person would need to seek the answers from an Expert.
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