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Form 1040 (Schedule 8812) online LA: What You Should Know
The purpose of the Child Tax Credit is to help a qualifying dependent afford child care, books, and other educational expenses while making ends meet. The child tax credit amount is increased as a parent's income increases. The higher the child's income, the lower the credit amount, but the credit starts to phase out for high-income families. For the child tax credit to be effective, the qualifying family's total income (both after-tax and pretax) must be more than the credit amount, but less than their standard deduction. The child tax credit is only available to families who have children. Children are defined in sections 1301(a) and 1301A(a). The credit amount is the greatest of the following amounts: Child Tax Credit Calculator Step 1 Enter the number of qualifying children. If you're married, enter the total income of both spouses. Step 2 Enter the number of qualifying children. Step 3 Enter the number of qualifying children. Step 4 Take the number of qualifying children and multiply by the dollar amounts listed in the example below.
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