Can I deduct the Child Tax Credit on my tax return?
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| A Child Tax Credit of
$1,000 is available
on your tax return for each qualifying child of a taxpayer under age
17. Qualifying children are a taxpayer's child, stepchild, grandchild, great grandchild or
eligible foster child that the taxpayer claims as a dependent on his/her tax return. An adopted child qualifies for the Child Tax Credit on
your tax return if placed with you by an authorized agency for legal adoption, even if the adoption is not
final by the end of 2006. The total Child Tax Credit on your tax return is reduced by $50 for each $1,000 by
which your modified adjusted gross income exceeds $110,000, if filing a
joint tax return;
$75,000 if filing a single tax return, head of household tax
return, or qualifying widow(er) tax return; and $55,000
if married filing a separate tax return. |
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| Related tax
information about the Child Tax Credit |
Tax Directory Topics:
Child and Dependent Care Credit
Tax Credits |
IRS publications about
the Child Tax Credit:
See
IRS Publication 17, Your Federal
Income Tax and IRS Publication
972 Child Tax Credit. Please read this IMPORTANT
Editor's Note regarding navigating IRS publications with Adobe
Acrobat
Reader.
IRS publications can also be ordered by calling 1-800-829-3676. |
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