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Child Tax Credit 2005

Filed in archive Finances by Melissa Petri on August 23, 2005

Some of you may already know this from years of filing. However, a lot of would-be parents and first-time parents have absolutely no idea about this very important fact from the IRS.

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Here are the basic entitlements you may be able to claim as part of Child Tax Credit and Working Tax Credit:

"With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under age 17. A qualifying child for this credit is someone who:

  • Is claimed as your dependent,
  • Was under age 17 at the end of 2004,
  • Is your son, daughter, adopted child, grandchild, stepchild or eligible foster child, your sibling, stepsibling or their descendant, and
  • Is a U.S. citizen or resident alien.
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status:
  • Married Filing Jointly $110,000
  • Married Filing Separately $55,000
  • All others $75,000
  • "
For the complete tax tip, head on to the IRS website.


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Permalink: Child Tax Credit 2005
Tags: irs  child  credit  parenting  baby  child+credit  look+variety  please+enter 

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