Your kids may save you $2,000 tax bill through CTC
What is CTC?
In 1998, the Child Tax Credit (CTC) was available for the public by legislation. This policy started from $400 for each qualifying child. It is used to relief the heavy tax that certain taxpayers with qualified dependents are facing.
How much can you earn from it?
As of today, this policy lifts the amount of credit to a considerable degree:
Up to $2,000 per qualifying child;
Up to $500 per ualifying dependent;
Within the amount of CTC, up to $1,400 of it can be refunded, which means you can pay out all your tax bill and ask for a refund on the left over.
How to be qualified for CTC?
Your child must be a U.S. citizen, U.S. national, or U.S. resident alien
Your child has to be 16 or younger
Your child has to be claimed as a dependent on taxpayer's return
You must live with your child for at least half of the tax year
Your modified adjusted gross income is below $400,000 if it is married filing jointly and below $200,000 for single, head of household, and qualifying widow(er) filers.
Still don't know how to apply for CTC? Irvine Tax Solution can help you!
Source: https://www.irs.gov/newsroom/ten-facts-about-the-child-tax-credit /"Ten Facts about the Child Tax Credit"