How to Claim the Child Tax Credit
Tax credits are a good way to keep your financial life in shape and people often worry about huge tax brackets if their personal or business’s income is good. But when you are a parent, you get more concerned about tax expenses and you look for ways to get a grant from the government that can put a smile on your face.
Child tax credits are a good option to save you from huge tax expenses. However, when it comes to claiming the credit, most people are left wondering how they will get it as there are plenty of complexities in the process and eligibility criteria.
Instructions
-
1
To claim the child tax credit, you will have to see whether you really qualify for this facility or not. There are a number of tests and steps you can keep in view while applying for the credit. If you have a child (your own), stepchild, grandchild, adopted child, you can claim the tax credit. However, the government will want to see the proofs to verify whether you have supplied the right information.
-
2
There are certain things that the authorities will check before granting you child tax credit. The most important factor is that the child must live with you. The period for which you usually get the credit is more than half a year (more than six months). If the court or other government-run entity let you live with a foster child, you are eligible to claim tax credit on that child.
-
3
The age limit criterion for child tax credit is under 17 years. In most cases, your child or children should be over 16 years old if you want to claim tax credit.
-
4
Another important thing that makes you eligible for the child tax credit is that you and your children should be citizen or resident of the United States of America. Non-nationals or foreign children that you live for a certain period of time cannot make eligible for the credit facility.
-
5
In order to claim for the credit, you will need to file Form 1040 or 1040A to the concerned authorities. On the other hand, for some reasons, there is no possibility to claim the child tax credit by submitting Form 1040EZ.
-
6
Visit the website of IRS and get all the related information about the current guidelines for the child tax credit. You should also check the current income level for eligibility.
