by 
The Curious Bag
-
The IRS offerse hundreds of tax credits, but the "child tax credit" stands as one of the most popular and often claimed write-offs. Generally, if you have children, you can claim this credit, but restriction do apply.
Identification
The child tax credit is a tax write-off worth up to $1,000 that you may claim on your tax return for every child in the house, according to the Internal Revenue Service's website.
Features
The child tax credit does not exist for individuals who make more than $75,000 a year, or married couples who make more than $110,000 ($55,000 if separated). In addition, the child(ren) must reside in the household for six months, be under 18 the entire year and receive more than half his support from the parent(s).
Expert Insight
The child tax credit can not only reduce tax obligations, the taxpayer may also receive money back if she can claim more in the child tax credit than she owes to the government.
Considerations
Adopted children do meet the requirements of the child tax credit, but need to live with you all year, the IRS says.
Tips
The IRS usually considers extenuating circumstances for an exception to the six-month test, such as military service, medical emergencies, juvenile incarceration and kidnappings.
Source:
Internal Revenue Service; Can You Claim the Child Tax Credit?
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC