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As the April 15 tax filing deadline approaches, parents and guardians may be eligible for tax savings through the Child Tax Credit (CTC). Here’s what you need to know about claiming this credit and maximizing your tax return.
Who Qualifies for the Child Tax Credit?
The IRS allows parents and guardians with a qualifying child to claim the CTC, provided they earn less than:
- $200,000 (single filers)
- $400,000 (joint filers)
A qualifying child must:
✅ Have a Social Security number
✅ Be a U.S. citizen, national, or resident alien
✅ Be under 17 years old at the end of the tax year
✅ Have lived with you for more than half the year
✅ Be claimed as a dependent
✅ Not provide more than half of their own support
Eligible dependents include biological and stepchildren, foster children, siblings, and even grandchildren, nieces, or nephews.
How to Claim the Child Tax Credit
To claim the credit:
- File Form 1040 (standard tax return).
- Complete Schedule 8812 to provide information about your child.
Can You Claim Both the Child Tax Credit & Dependent Care Credit?
Yes! In addition to the CTC, taxpayers may also qualify for the Child and Dependent Care Credit if they paid for child care or care of a dependent unable to care for themselves.
To claim this credit:
✅ Fill out Schedule 2441 on your tax return.
✅ Ensure the dependent lived with you more than half the year.
✅ The credit is based on income and eligible care expenses.
For more details on child-related tax benefits, visit the IRS website or consult a tax professional.
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