Child Tax Credit
Child tax credit is one of the best tax
credit allowed by the IRS. A child tax credit is designed to
help parents cope with the rising cost of raising a child.
Claiming child tax credit can be done each year until the child
is 17. The 2006 child tax credit is $1,000 per child. Each tax
payer is entitled for more than one child tax credit.
2006 Child Tax Credit
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The limit of
2006 child tax credit is $1,000 per child. The
child has be to under 17 to qualify for the
child tax credit. In the event that you child
tax credit exceeds the taxes owed to the IRS,
you may be eligible to receive tax refund from
the IRS.
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Multiple child tax credits or Additional
child tax credit
If you have more than one child, then you
can claim additional child tax credit. You can use the child
tax credit worksheet to calculate how much child tax credits
you will get from the IRS. There are many places you can obtain
child tax credit information to help you claim child tax
credits.
How to claim child tax credit &
eligibility requirements
In order to claim child tax credit and
additional child tax credit, you must meet the requirements
below:
Reasons for not claiming child tax
credit
There are no reasons for not claiming child
tax credit. If you qualify for child tax credit or additional
child tax credit, you should definitely claim it.
How to claim child tax credit?
You should use the Child tax credit worksheet to calculate
how much child tax credit and additional child tax credit you
are entitled to. To claim child tax credits, use the Tax and
Credits section of the IRS tax form 1040 or the Tax, Credits
and Payments section of the IRS tax form 1040A. If you
plan on claiming child tax credit, do not use the IRS tax form
1040EZ. To claim additional child tax credit, use the IRS tax
form 8812 for the Additional Child Tax Credit form.
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