What is the child tax credit?
The child tax credit is a type of refundable personal tax credit. Basically, taxpayers will receive a tax credit of $2,000 for each qualifying child. Qualifying child must be under 17 years old. There are a number of phase outs and limitations, so be sure to consult with your tax professional before applying the refundable credit.
The IRS provides has questionnaire to help you determine if your child qualifies: IRS Child Tax Credit Questionnaire
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You might also be interested in... What is a nonrefundable tax credit?
A nonrefundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A nonrefundable tax credit means you get a refund only up to the amount you owe. As you can see in the example below, even though the taxpayer has applicable credits of $150, their taxable...
What is a refundable tax credit?
A refundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A refundable tax credit means that a taxpayer can get a refund, even if it is more than the taxpayers tax liability. As you can see in the example below, the taxpayers tax liability is...
Am I eligible for a tax refund even with no taxable income?
Yes, potentially. Even if the taxpayer does not have any taxable income, the taxpayer may still qualify for certain refundable tax credits. It is important to understand that refundable tax credits aren’t limited by the taxpayers taxable income. As you can see in the example below, since the taxpayer had taxable income of $0, he/she...
What is a nonrefundable tax credit?
A nonrefundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A nonrefundable tax credit means you get a refund only up to the amount you owe. As you can see in the example below, even though the taxpayer has applicable credits of $150, their taxable...
What is a refundable tax credit?
A refundable tax credit is one of the two types of personal tax credits that individual taxpayers can qualify for. A refundable tax credit means that a taxpayer can get a refund, even if it is more than the taxpayers tax liability. As you can see in the example below, the taxpayers tax liability is...
Am I eligible for a tax refund even with no taxable income?
Yes, potentially. Even if the taxpayer does not have any taxable income, the taxpayer may still qualify for certain refundable tax credits. It is important to understand that refundable tax credits aren’t limited by the taxpayers taxable income. As you can see in the example below, since the taxpayer had taxable income of $0, he/she...
