Tax Tools

Credits & Deductions Checklist

This checklist will help you determine if you qualify for the child tax credit:

Age

A child must have been under age 17 (age 16 or younger) at the end of the year

Dependent

You must claim the child as a dependent on your federal tax return.

Relationship

A child must either be your son, daughter, stepchild, foster child, brother, stepbrother, or a descendent of any of these individuals, which includes your grandchild, niece, or nephew.

Citizenship

The child must ba a U.S. citizen, U.S. national, or U.S. resident alien

Support

The child must not have provided more than half of his/her. own support.

Residence

The child must have lived with you for more than half the tax year.

Limitations

The credit is limited if you modified adjusted gross income is above a certain amount. The amount varies depending on your filling status

$110K

Married Filling Joint

$55K

Married Filling Separate Return

$75K

For all other taxpayers

Tax deductions & credits

For taxpayers with children

Earned Income Tax Credit

No. of childrenMax Credit
$3,373
$5,572
$6,269

Income Threshold AGI earned icome

No. of childrenBelow
$44,846
$50,198
$53,505

Dependent Age Test

Under 19

Under 24 if student for at least 5 months

Note: Any age if dependent is disabled.

Child & dependent care tax credit

For 1 Child

Max Credit 20-35%

Up to $3,000 in child care expenses

For more then 1 qualifying child

Up to $6,000

in child care expenses Depending on household AGI (max credit is $2,100)

Limitations of Credit

Child and dependent care expenses are limited to $3,000 for one qualifying person, and $6,000 for two or more qualifying persons.

The total child and dependent care expenses claimed cannot exceed your total earned income for the year.

The credit is equal to 35% of the maximum qualifying child and dependent care expenses. This rate is reduced by 1% for each $2,000 your adjusted gross income exceeds $15,000, but is not reduced below 20%.

Child Age Limit Under 13

Lifetime Learning Credit

Max Credit

20%

of tuition and fees for any post-secondary education; maximum of $2,500 for the household.

Income Threshold

For individual taxpayers, the American Opportunity Credit phases out if modified adjusted gross income is over $65,000. For married filing joint, the credit phases out if MAGI is over $130,000.

Student Age Limit

None

Qualified students can be any age.

Note: If student is dependent of another, taxpayer may claim credit.

American Opportunity Tax Credit

Max Credit

up to $2,500

per student for four years of post-secondary education

Income Threshold

For individual taxpayers, the American Opportunity Credit phases out if modified adjusted gross income is over $90,000. For married filing joint, the credit phases out if MAGI is over $180,000.

Student Age Limit

None

Must be taxpayer’s dependent.

The credit is 40$ refundable, up to $1,000, so it can benefit even those with no tax liability

Aditional Child Tax Credit

In order to receive the Additional Child Tax Credit, you first must qualify for the Child Tax Credit. If the amount of your Child Tax Credit is limited by your income tax liability, you may be able to claim the Additional Child Tax Credit if your earned income is less than the limits for the year. The limits are:

$110K

Married Filling Joint

$75K

Single, head of household, or qualifying widow(er)

$55K

Married filling separately

For each $1,000 by which the taxpayer’s adjusted gross income (AGI) exceeds the threshold amount, the child tax credit is reduced by $50.The Additional Child Tax Credit is equal to the lesser of the not allowed portion of Child Tax Credit, or 15% of your earned income that is more than $3,000. Tax-exempt combat pay counts as earned income for calculating the Additional Child Tax Credit.

If your earned income is not more than

$3000

and you have three or more qualifying children, you may be able to claim the Additional Child Tax Credit up to the amount of Social Security taxes that you paid for the year. If you are eligible to receive the Earned Income Tax Credit, the maximum amount of Additional Child Tax Credit under this method is the total amount of Social Security taxes less the amount of the Earned Income Credit for which you are eligible.

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