Families with children under the age of 17 will find a new guide on tax blog, Internet Tax Connection very resourceful. The guide sheds more light into one of the most valuable tax credits available to Americans, the Child Tax Credit. Readers will found out how much the child tax credit is worth and exactly how much they can claim using a child tax calculator.
Recent changes to the Tax Cuts and Jobs Act (TCJA) have seen the child tax credit now become a refundable tax credit up to a maximum amount of $1,400. The income limits have also been increased and more families in America with qualifying children now have the chance to claim the credit on the new 1040 tax form. The child credit can help families reduce their Federal tax bill by up to $2,000 for every qualifying child.
Families looking forward to take advantage of the child tax credit must have at least a child below the age of 17 at the end of the tax year. The child must also be a direct descendent of the filer, which goes all the way to grandchildren and adopted children. The other criteria are;
– More than half of the child’s financial support must come from the taxpayer.
– The child must be claimed as a dependent and each child can only be claimed as a dependent on a single tax return.
– The child must be a US citizen or a US resident alien.
– The child must have lived with the taxpayer for more than half the tax year.
Using a child tax credit calculator can help determine exactly how much can be claimed with the child tax credit, the additional child tax credit and the child dependent care tax credit. By following simple instructions and providing some basic personal and financial information, taxpayers will find out how much they can potentially claim in a matter of minutes.
For more information about the child tax credit and how to use the child tax credit calculator, please visit, https://internettaxconnection.com/try-the-new-child-tax-credit-calculator/