What Is the Credit Given for a Child on Federal Taxes?
The Child Tax Credit (CTC) is a tax credit for families with dependant children. To apply this credit on your federal taxes, the children must fall under the IRS guidelines of qualifying children.
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Qualifying Child
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A qualifying child for the CTC is a son, daughter, stepchild, foster child, grandchild, niece or nephew who lived with you for over half of the year and is under the age of 17 before the end of the tax year. You must be able to claim the child as a dependant on your taxes to take the CTC.
Residency
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Only children who are U.S. citizens, nationals or resident aliens qualify for the CTC. Children who are not U.S. citizens, nationals or resident aliens do not qualify for the CTC.
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Expenses
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To claim the CTC on your federal taxes, you must have paid for the financial support of the child for over half of the year. If the child provided financial support for over half of the year for his or herself, you cannot claim the CTC.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
