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The Internal Revenue Service (IRS) details the eligibility requirements for taxpayers who wish to claim tax credits in order to receive a tax reduction or refund.
Each one has its own conditions and not all are refundable. In the case of the Child Tax Credit (CTC), it has a portion that is, and it can be claimed through the Additional Child Tax Credit (ACTC).
Approved refunds: What is the amount per child of this Tax Credit?
The CTC has an amount of 2,200 dollars per child, of which 1,700 can be obtained as a refund through the ACTC. The amount can increase if there are two or three qualified children eligible for the credit.
However, the refund will always depend on the income recorded by the household and on correctly completing Schedule 8832 of Form 1040 when filing the Annual Tax Return.
Additional Child Tax Credit: What are the requirements?
In order to claim the CTC and receive a refund with the ACTC, the taxpayer must meet the following requirements:
- Have at least 2,500 dollars in earned income during the tax year reported.
- The child or children must be under 17 years of age at the end of the tax year.
- It must be the case that:
- Hijo/a.
- Hijastro/a.
- Hermano/a.
- Nieto/a.
- Sobrino/a.
- The minor must not have contributed more than half of their own support.
- They must be declared as a dependent on the tax return.
- Cannot file a joint return with another person, except for certain exceptions linked exclusively to claiming a refund.
- Must be a U.S. citizen or a resident foreigner in the country.
- Both the child or children and the taxpayer must have a Social Security Number (SSN).
What is Schedule 8812 of Form 1040 that these citizens and families must complete?
Taxpayers who meet all the requirements must include their children and other dependents on Form 1040 and attach the completed Schedule 8812, used to calculate:
- Child Tax Credit (CTC).
- Credit for Other Dependents (ODC).
- Additional Child Tax Credit (ACTC).