What is the 2011, 2012 Child Tax Credit Amount
The maximum Child Tax Credit Amount you can get for each qualify child is $1,000 and is not limited by the number of children. For example, if you have five qualifying children, you will receive a $5,000 credit.
The Child Tax Credit Amount can also be decreased due to your annual income amount.
If your income is above the following amounts, your credit will be decreased:
· Married Filing Jointly - $110,000.00 or More
· Single, Head of Household or Qualifying Widow(er) - $75,000.00 or More
· Married Filing Separately - $55,000.00 or More
When totaling your income, you must include all foreign earned income. Often, your foreign earned income will be excluded from your taxable income but for this credit it will be included. Additionally, to get the credit you have to use either Form 1040, 1040A or Form 1040NR. You can not use Form 1040EZ or Form 1040NR-EZ if you are trying to get his credit.
Now you must have a qualifying child to receive this credit, in accordance with IRS guidelines. The IRS has set requirements you must meet to get the credit. For example, the Child has to either be a U.S. Citizen, U.S. National or U.S. Resident Alien to qualify. All children must have a valid Social Security Number and must match IRS records.
Further, the child must have lived with your for more than half of the year but there are exceptions to this rule. If your child had to live away for school or went to a juvenile home they will still qualify. Also, if you child was born later in the year, such as November or December they will still qualify.
This Child Tax Credit can make a big difference in your refund, since you get a $1,000 Credit on your taxes for each qualifying child. To see if you qualify for the maximum Child Tax Credit Amount, try using TurboTaxOnline.
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