Video provides an update about tax credits for children and provides the essential information to know about filing the tax credit portion of your tax return.
The tax credit for children’s first year is $2000 with $3,600 for children under the age of six and $3,000 available for children aged 6-17. If you have received an advanced child tax credit this year that’s why this amount is going to reduce.
The grandparents and parents that stayed with a child for more than six months as the primary caregivers of the child are eligible for the tax credit. Income qualifications vary based on your marital status.
A married couple earning less than $150,000 qualify, as do single parents with income under $112,500. The limit for income is $75,000 or less in all other cases. Families with higher incomes could be in a position to receive a less tax credit, or no tax credit at all.
You can visit IRS.gov to learn more. You will find pages that provide information on the conditions for eligibility and the rules to apply tax credits to children. It is also possible to use tax calculators to calculate what you’re eligible for and the amount.
Visit the following link to get more details on the tax credits for children.
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