Child Tax Credit 2011 | Finance Management Tips

Child Tax Credit

The Child Tax Credit can reduce your taxable income dollar for dollar. It doesn?t matter what tax bracket you are placed into. A tax credit is not based on a percentage system of your tax bracket.?

Estimate your ?Child Tax Credit? because this is a tax credit you will not want to over look. The Child Tax Credit may be worth as much as?$1,000 per qualifying child. Use tax software to determine your eligibility for the tax credit.

You can find out right now if you have qualifying children for the Child Tax Credit and how much your tax credit total will be.?

?Use an online tax estimator such as the tax estimator at TurboTax Online. The amount of the Child Tax Credit will depend upon your income and how many children you have.

Everyone is asking, ?How much is the Child Tax Credit worth?? As with all things pertaining to taxes, the amount of the tax credit varies. The Child Tax Credit can be worth as much as $1,000 per qualifying child. That can add up quickly if you have several children.

Child Tax Credit 2011 Information

The next question usually is, ?How do you qualify for the Child Tax Credit?? First of all you have to have a qualifying child.

A qualifying child for the Child Tax Credit is:

• Your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them, (Your grandchild, niece, or nephew)
• The child must be under the age of 17 by the end of the year. Not 17 years of age and under, UNDER 17 years of age
• Your child did not provide over half of his or her support for the year
• Your child lived with you over half of the year
• Your child is claimed as your dependent on your tax return
• Your child is a U.S. citizen, a U.S. national, or a U.S. resident alien. An adopted child is always treated as your own child. This also includes a child lawfully placed with you for legal adoption.

This Child Tax Credit information will help you to determine your eligibility. You can use the Life Changes Tax Estimator to see how much your Child Tax Credit will be worth.

If you have zero tax to reduce you may be eligible for the Additional Child tax Credit. The Child Tax Credit worksheet is specific about tax forms to use such as the Form 1040, Form 1040A, or Form 1040NR.

Using online tax software is the quickest and easiest way to calculate your Child Tax Credit or the Additional Child Tax Credit amount. Try TurboTax Online today to find out how much your Child Tax Credit will be. You can use the online tax estimator for free and you do not have to pay unless you print your tax return or file your return.

Source: http://www.financemanagementtips.com/child-tax-credit-2011/

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