If you've got dependents and an empty fridge, no gas, and no cash, then the child tax credit is for you. We're starting right now. Hey, what's up guys, this is Eli with Build Your Tomorrow, a channel dedicated to everything and anything personal finance. We believe in spending less than we earn, saving money, paying down debt, and making sound investments. But most importantly, we believe in investing in ourselves. So if you are new here, consider subscribing. So the big question, what is the child tax credit and how do we get it? In short, the child tax credit is intended to offset many of the expenses of raising children. The credit offsets your tax liability dollar-for-dollar. That means if your tax liability is $2,000 and you qualify for $2,000 in child tax credits, then your tax liability is zero because the tax credit offsets the tax liability dollar-for-dollar. So to recap, the child tax credit was put in place by the US government to help working families offset some of the expenses of raising children. And the good news is that the credit offsets a tax liability dollar-for-dollar. Another good question is, what child or dependent qualifies? That's a good question. Okay, your child or dependent has to meet all of these seven variables or requirements in order to qualify. Let's go over number one. So your dependent has to be either your son, your daughter, your stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or descendent of any event for you. For example, your grandchild can qualify, and your niece or nephew can also qualify. For requirement number two, your dependent has to have been under the age of 17 at the end of 2016. Requirement number three, your dependent did not provide half of his or her own...
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Child tax credit 2024 Form: What You Should Know
What is Part I of Schedule 8812? A. Eligibility Requirements For a credit to be applicable, you must be eligible for a credit. Eligible dependents include: 1) Your legal dependents for 2017, and any qualifying child(men) you did not adopt during 2017. Your legal dependents include: (a) Your legal spouse; (b) (i) Any children who are legally adopted by you or by your ex-spouse, or (ii) Any children who are physically or mentally related to you by blood, marriage, or adoption and who were adopted by any person or persons you married during 2017. For the purposes of applying this test, marital status does not include divorces that occur after June 2, 1999; Any dependent (including a dependent who is your legal spouse for 2017) who meets all the following: (1) The dependent has no other creditable dependents; (2) The dependent is more than 6 months away from qualifying; (3) The dependent is your legal spouse for any tax year ending after 2017; or (4) The dependent is a qualifying child of your other dependents for 2024 at any time. This test is not used for the following dependents: (1) Any dependent described in section 13 (for example, a child born after the due date (DATE) for filing the return for the year for which the qualifying child(men are included) or a child who died within the 6-month period before the due date) for which a credit might be available if the dependent is eligible. 2) The dependent is an individual under title XIX (or under an applicable section 2054, 2101, or 2103 of the Social Security Act) who is the dependent of more than one person (including parents). For additional information regarding the child tax credit for any individual, see the Instructions for Schedule 1040, line 27. For additional information regarding the child tax credit for a qualifying child, see the Instructions for Form 1040, line 14. B. Eligibility Requirements for a Child Tax Credit For 2018, the child tax credit will be available for the dependent of, or child of, a taxpayer, such as a married taxpayer filing a separate return. It will not be available for married taxpayers filing a joint return.
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