{"id":2148,"date":"2014-03-05T20:37:20","date_gmt":"2014-03-05T20:37:20","guid":{"rendered":"http:\/\/13.40.31.108\/blog\/?p=171"},"modified":"2014-03-05T20:37:20","modified_gmt":"2014-03-05T20:37:20","slug":"rules-for-claiming-the-child-tax-credit","status":"publish","type":"post","link":"https:\/\/ustaxconsultants.es\/es\/rules-for-claiming-the-child-tax-credit\/","title":{"rendered":"Rules for Claiming the Child Tax Credit"},"content":{"rendered":"

Rules for Claiming the Child Tax Credit<\/strong><\/p>\n

Here\u2019s some good news for parents of children under age of 17: they\u2019ll save you money at tax time.<\/p>\n

The Child Tax Credit, which can be worth as much as $1,000 per qualifying child depending upon a parent\u2019s income, was made permanent with the passage of the American Taxpayer Relief Act of 2012 (ATRA).<\/p>\n

As a tax credit, rather than as a deduction which simply reduces taxable income, it reduces your tax liability dollar for dollar with the amount of the credit you are allowed to claim. However, you cannot take the credit for more than the amount of tax that you owe the IRS. So for example, if your tax liability is $533, but you are entitled to get $1,000 from the Child Tax Credit, it will be reduced to $533 and you will owe no taxes. However, you may be eligible to enjoy the Additional Child Tax Credit, which will result in a refund.<\/p>\n

Naturally (we\u2019re talking about our tax code, after all), the credit comes with many qualifiers.<\/p>\n

The IRS says a child must pass the following seven tests for filers to qualify for this credit:<\/p>\n

1.\u00a0Age test.<\/strong> The child has to under age 17 at the end of 2013.<\/p>\n

2.\u00a0Relationship test.<\/strong> The child being claimed must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister. A child can also be a descendant of any of these persons. For example, your grandchild, niece or nephew will qualify. An adopted child includes a child lawfully placed with you for legal adoption.<\/p>\n

3.\u00a0Support test. <\/strong>The child cannot provide more than half of his or her own support for 2013.<\/p>\n

4.\u00a0Dependent test. <\/strong>You must claim the child as a dependent on your 2013 federal income tax return.<\/p>\n

5.\u00a0Joint return test. <\/strong>A married child can\u2019t file a joint return with his or her spouse if the couple is filing jointly only to claim a tax refund.<\/p>\n

6.\u00a0Citizenship test. <\/strong>The child must be a U.S. citizen, U.S. national or U.S. resident alien. For more detail, see Publication 519, U.S. Tax Guide for Aliens.<\/p>\n

7.\u00a0Residence test. <\/strong>In most cases, the child must have lived with you for more than half of 2013 to be claimed. However, a child is considered to have lived with you for more than half of 2013 if the child was born or died in 2013 and your home was this child’s home for more than half the time he or she was alive.<\/p>\n

Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you. There are also exceptions for kidnapped children.<\/p>\n

Limitations.<\/strong> Your filing status and income may reduce or eliminate the credit. If your modified adjusted gross income is more than $110,000 (married filing joint), $55,000 (married filing separately) or $75,000 (single, head of household) you cannot claim the credit.<\/p>\n

You can use the Interactive Tax Tool<\/a>\u00a0 on the IRS website<\/a> to see if you can claim the credit. For more information on this topic and to find out all the rules, see IRS Publication 972 Child Tax Credit<\/a><\/p>\n

Do not hesitate to call us if you need further help! NML Consultores Tel 915194392<\/p>\n","protected":false},"excerpt":{"rendered":"

Rules for Claiming the Child Tax Credit Here\u2019s some good news for parents of children under age of 17: they\u2019ll save you money at tax time. The Child Tax Credit, which can be worth as much as $1,000 per qualifying child depending upon a parent\u2019s income, was made permanent with the passage of the American […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4],"tags":[],"class_list":["post-2148","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"acf":[],"_links":{"self":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/2148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/comments?post=2148"}],"version-history":[{"count":0,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/2148\/revisions"}],"wp:attachment":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/media?parent=2148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/categories?post=2148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/tags?post=2148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}