Frank Ellis now explains the specifics of the Child Tax Credit and Additional Child Tax Credit on americantaxservice.org.
July 29, 2015 — Taxpayers can now read on about the Child Tax Credit/Additional Child Tax Credit in an article posted on americantaxservice.org. One of the most popular federal tax credits, this non-refundable credit is worth up to $1,000 per child.
To qualify, tax expert and author Frank Ellis says, a child must be under 17 years old by year’s end, lived with the taxpayer for over six months, is a relative and U.S. citizen, and meet other qualifications listed in the article.
Eligibility for the credit is also based on adjusted gross income. The author lists income limits based on filing status. He then goes on to discuss how to claim this credit. First, a child must qualify and be listed as a dependent. Forms 1040 and 1040A provides the space to claim a child as a dependent.
Ellis explains the Child Tax Credit can only be used to reduce one’s tax liability. They will not get a refund check for the amount they qualify for under the credit. The author does explain, however, that claiming the Additional Child Tax Credit may qualify one to receive part of the credit.
It’s explained that this second credit lets taxpayers take advantage of the unused part of the Child Tax Credit. The author talks aobut the specifics of this rule and how to determine the amount one might be refunded. In other words, the Additional Child Tax Credit is refundable.
Finally, the author ends with a mention of H&R Block Online Calculator, which makes it easy to calculate and claim both of these credits.
For more information on the Child Tax Credit and Additional Child Tax credit, read the article at http://americantaxservice.org/child-tax-credit-additional/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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