The child tax credit will allow you to reduce your federal tax up to $1000
You may receive a large credit that could be as much as $1,000.00 per qualifying child. You must provide the name and social security number on your return for each of your qualifying children.
A qualifying child must meet the following requirements:
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Child must be under 17 at the end of 2007
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Resided in your home for more than six months of the year
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You provided more than half the support for the child
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They are a resident or citizen of the United States
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They are a adopted child, stepchild, brother, sister, stepbrother, stepsister, eligible foster child, son, daughter, or a direct descendent
To receive a child tax credit you must also meet income guidelines. If you file married but separate then you must have made under $55,000.00 adjusted gross income in 2007. If you are married filing jointly then you must not exceed average gross income of $110,000.00 for 2007. All others must have income under $75,000.00. If your income exceeds any of these amounts then your credit will be reduced or eliminated all together.
To claim the child tax credit on your tax return you should use form 1040A or form 1040. You will not be able to take this credit if you file using form 1040EZ. The current child tax credit is set to expire in the year 2010 but hopefully congress will choose to extend this credit.
Please visit TurboTax Online to claim the child tax credit.
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