The credit for other dependents and $300 of the child tax credit are nonrefundable credits: they are limited by your ordinary income tax liability, which may be reduced by other claimed credits, such as the foreign tax credit, credit for child and dependent care expenses, education tax ...
To qualify for the Child Tax Credit, you have to include the name and Social Security Number for each dependent you're claiming the tax credit for. You and any joint filers must also include your taxpayer identification numbers on your tax return. Additionally, the child must: Be your daught...
The 2024 child tax credit is based on income, filing status, the number of children, and whether the IRS considers your dependent a qualifying child. Additionally, the IRS just announced the annual inflation adjustment for the CTC, as well as other key family tax breaks for tax year 2025. ...
(All other filing statuses also apply to married taxpayers who are not filing a joint return if they satisfy the special rules for separated spouses.) Note: Typically, dependents must be under age 19 at the end of the year to qualify as a dependent to claim the EITC. However, the IRS ...
The Child and Dependent Care Tax Credit is a credit that taxpayers could claim if they’ve spent money on qualifying care expenses for their child or other eligible dependent while they work or seek work. This credit could reduce the amount of federal taxes they owe, and eligible taxpayers co...
Other people who may be ineligible to provide paid care include: The parent of the child/dependent (if your qualifying person is your child and under age 13). Another dependent you or your spouse can claim on your tax return. Your child under the age of 19. When you claim the credit...
» MORE: Explore other tax credits for people with kids Frequently asked questions What is the $500 credit for other dependents (ODC)? If your child or a relative you care for doesn't quite meet the criteria for the CTC but you can claim them as a dependent, you may be eligible for...
To qualify for the Child and Dependent Care Credit, a qualifying person is any child under age 13 who lived with you for more than six months of the tax year and was your dependent. There are special considerations for married, divorced and separated individuals which you can learn more abou...
There are special rules fordivorced parents. The custodial parent is eligible to take the child and dependent care credit, whether or not the other parent claims the child (or children) as a dependent on their tax return. According to the IRS, the custodial parent is the one who had the ...
The Child Tax Credit for the 2023 tax year is $2,000 for each child or other dependent. While the CTC is nonrefundable, the ACTC is partially refundable, which means that even taxpayers who don't owe any income tax can receive part of it as a refund. In 2023, up to $1,600 is ...