Child Tax Credit Guidelines 2014
*If you have children who are age 16 or under at the end of the tax year, you can get a $1,000 credit per child on your tax return. The requirements for the child tax credit are slightly different than the requirements for the dependent exemption.
*You cannot receive the credit if your child turned 17 during the tax year. Even if your child turned 17 on December 31, he or she still doesn't count toward the credit and there are no options to pro-rate the credit. The child must be 16 or under on December 31, 2013.
*The child tax credit is limited to the amount of taxes that you are paying on your return. If the credit is bigger than what you owe in taxes, your taxes are reduced to zero and the rest of the credit is either converted to the additional child tax credit or you lose the remaining credit. If you qualify for the additional child tax credit, you receive a refund for the portion of the credit that is greater than the taxes you owe.
In order to qualify for the Child Tax Credit, you must have a child that meets all of the following requirements. He or she must:
- Be your dependent son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of them, and
- Be claimed as a dependent on your tax return, and
- Be under the age of 17 at the end of the year, and
- Not have provided more than half of their own support, and
- Live with you for more than half the year, and
- Be a U.S. citizen, U.S. national, or U.S resident alien
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