Cookies are required for basic website functions. This ensures that the website functions properly.
OLT TAX CORNER ~ Child Tax Credit
|
What is the child tax credit? |
This credit is for people who have a qualifying child. A qualifying child for purposes of the child tax credit must be all of the following:
|
Top |
Does the Form 8332 (used to release the exemption to the noncustodial parent) affect the Child Tax Credit? |
Yes. The Child Tax Credit can only be claimed by the parent claiming the exemption. In this case the noncustodial parent would qualify for the dependency exemption and therefore the child tax credit. |
Top |
My daughter did not turn 18 until March 24th. Why am I not receiving a child tax credit? |
You are not receiving the child tax credit because your daughter turned 18 in the tax year. This credit is for children under the age of 18 as of the end of the tax year.(Example: In 2024 you are filing the 2023 tax return, your child must still be age 16 as of December 31, 2023 in order to qualify.) |
Top |
Why did I get the EIC but not the child tax credit this year on my tax return? |
There are a couple of reasons why you could qualify for EIC but not for the child tax credit. One, your child could be over 18, therefore disqualifying you for the credit. Two, if you did not have any taxes owed after the standard deduction and exemptions, then you would not get the child tax credit. The child tax credit reduces the amount of tax that you owe. If you don't owe any, there is nothing to reduce. The earned income credit is a refundable credit, as long as you qualify for it you will get it whether you still owe tax or not. |
Top |
My ex-wife is claiming my son as a dependent this year. Can I still claim him for the Child Tax Credit? |
No, only the parent who is claiming the exemption can claim the Child Tax Credit. |
Top |
What is the Additional Child Tax Credit? |
The additional child tax credit allows a portion of the child tax credit to be refundable for certain taxpayers. Taxpayers must complete Form 8812 to compute the refundable portion of the credit. Taxpayers with one or more qualifying children may be able to claim the additional child tax credit. |
Top |