You would be pleasantly surprised at the way that your Child Tax Credit can reduce your tax bill. You just have to ensure that you meet each of the requirements, so that you can save as much as $1,000 on your bill. Below, we are going to show you how you can determine who qualifies.
Age Test: Your child needs to be 16 years old or less, by the end of the tax year for which you can claim the credit.
Relationship Test: Your child needs to actually be your own, a foster child (placed with you by a court or another authorized agency) or a stepchild.
Support Test: Your child must not have been the one to provide more than half of his or her own financial support throughout the tax year.
Dependent Test: Your child needs to be claimed as a dependent on your tax return and there are a number of characteristics necessary for qualification as a dependent.
Citizenship Test: Your child needs to be a citizen, a national or a resident alien.
Residence Test: Your child has to have lived with you for over half of the tax year for the credit claim that you made. Even if the child has been born or died during the tax year is considered to have lived with you the entire year.
Family Income Test: If you have a MAGI (modified adjusted gross income) which is above a certain amount, determined by your tax-filing status.
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