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Tax Advisory and Preparation Services |
Tel Israel: 09-8949676 Tel USA: 1-970-3USATAX3 (1-970-3878293) 35/9 Moshe Sne St. Kfar Saba 4421673 Israel E-Mail: ustaxstar@gmail.com Facebook: www.facebook.com/ustaxstar/ |
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Child Tax CreditThe Child Tax Credit may be worth as much as $1,000 per qualifying child depending upon your income. A qualified child must be under age 17. To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption. In order to claim a child for this credit, the child must not have provided more than half of their own support. You must claim the child as a dependent on your federal tax return. The child must be a U.S. citizen, U.S. national, or U.S. resident alien. The child must have lived with you for more than half of 2013. The credit is limited if your modified adjusted gross income must be above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe. |