Child Tax Credit

IRS Child Tax Credit

The Child Tax Credit (CTC) for each qualifying child is up to $1,000 depending on the taxpayers adjusted gross income.

The additional child tax credit (ACTC) on Form 8812 is refundable to the extent of 15% of the taxpayers earned income in excess of $3,000. A refundable ACTC may be available to those who qualify and have not used up the available CTC amount.  A military taxpayers nontaxable combat pay may be added to the earned income which may result in a larger credit.

What constitutes a qualifying child?

The child must be under age 17 at the end of 2013
The child must be a son, daughter, adopted child, stepchild, eligible foster child, brother, sister, stepbrother, stepsister,  or descendent of any of those  
US citizen or resident alien
Lived with you over half the year in 2013 
Is claimed as your dependent for 2013
Did not provide over half their own support
What are the adjusted gross income limits of the taxpayers claiming the Child Tax Credit?

$110,000 if youre married filing jointly
$55,000 for those married, filing separately
$75,000 all other filing options
To be sure you qualify to take the IRS Child Tax Credit, click on IRS Publication 972, Child Tax Credit