Child Tax Credit Explained 2020
Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the past should also check because they may now be able to claim the credit.
IRS Tool: https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents
#childtaxcredit #taxtips #taxcredits
Here are some details about this credit:
- The maximum amount of the credit is $2,000 per qualifying child.
- Taxpayers who are eligible to claim this credit must list the name and Social Security number for each dependent on their tax return.
- The child must be younger than 17 on the last day of the tax year, generally Dec 31.
- The child must be the taxpayer’s son, daughter, stepchild, foster or adopted child, brother, sister, stepbrother, stepsister, half-brother, or half-sister. An adopted child includes a child lawfully placed with them for legal adoption. - - They can also include grandchildren, nieces, or nephews.
- The child must have not provided more than half of their own support for the year.
- The taxpayer must claim the child as their dependent on their federal tax return.
- The child cannot file a tax return for the same year with the status married filing jointly unless the only reason they are filing is to claim a refund.
- The child must be a U.S. citizen, a U.S. national, or a U.S. resident alien.
In most cases, the child must have lived with the taxpayer for more than half of 2019.
- The credit begins to phase out at $200,000 of modified adjusted gross income. This amount is $400,000 for married couples filing jointly.
- Taxpayers can use the worksheet on page 6 of Publication 972, Child Tax Credit PDF, to determine if they can claim this credit.
Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.
Видео Child Tax Credit Explained 2020 канала Stephen Lee CPA
IRS Tool: https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents
#childtaxcredit #taxtips #taxcredits
Here are some details about this credit:
- The maximum amount of the credit is $2,000 per qualifying child.
- Taxpayers who are eligible to claim this credit must list the name and Social Security number for each dependent on their tax return.
- The child must be younger than 17 on the last day of the tax year, generally Dec 31.
- The child must be the taxpayer’s son, daughter, stepchild, foster or adopted child, brother, sister, stepbrother, stepsister, half-brother, or half-sister. An adopted child includes a child lawfully placed with them for legal adoption. - - They can also include grandchildren, nieces, or nephews.
- The child must have not provided more than half of their own support for the year.
- The taxpayer must claim the child as their dependent on their federal tax return.
- The child cannot file a tax return for the same year with the status married filing jointly unless the only reason they are filing is to claim a refund.
- The child must be a U.S. citizen, a U.S. national, or a U.S. resident alien.
In most cases, the child must have lived with the taxpayer for more than half of 2019.
- The credit begins to phase out at $200,000 of modified adjusted gross income. This amount is $400,000 for married couples filing jointly.
- Taxpayers can use the worksheet on page 6 of Publication 972, Child Tax Credit PDF, to determine if they can claim this credit.
Please note that this video is for information purposes only and is not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.
Видео Child Tax Credit Explained 2020 канала Stephen Lee CPA
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
![GRANT FUNDED | Illinois Back to Business B2B Grant Program UPDATE | Next Steps | Funding Status](https://i.ytimg.com/vi/THbBc-orRzw/default.jpg)
![SENATE Extends the Debt Ceiling | What is the Debt Ceiling? | Why Should You Care?](https://i.ytimg.com/vi/gfEXb_lDFsc/default.jpg)
![APPROVED | Illinois Back to Business B2B Grant Program UPDATE | Next Steps | Portal Walkthrough](https://i.ytimg.com/vi/nrniZ5TDQ4M/default.jpg)
![4 Ways to Reduce Your Taxable Income in 2021 (Strategies You Need To Start Using!)](https://i.ytimg.com/vi/BlDormA-X5E/default.jpg)
![NEW $2 MILLION SBA EIDL Loan Increase & Eligible Expenses Changes](https://i.ytimg.com/vi/YLPH60-dOtE/default.jpg)
![Tax Relief for Victims of Hurricane Ida | Q3 Estimated Taxes](https://i.ytimg.com/vi/Fc5qV1F_07U/default.jpg)
![Q3 Estimated Tax Payments | 2020 Tax Deadlines | Illinois Back to Business B2B Update](https://i.ytimg.com/vi/DPBCax8Pmo0/default.jpg)
![4th Stimulus Check & Unemployment Benefits Update | Will there be a Fourth Stimulus Payment?](https://i.ytimg.com/vi/3TO9-Ni7-Ro/default.jpg)
![Illinois Back to Business B2B Grant Program | Most Frequently Asked Questions](https://i.ytimg.com/vi/KGv32XAUJf4/default.jpg)
![Illinois Back to Business B2B Grant Program | What is it | Who is Eligible | How to Apply](https://i.ytimg.com/vi/BJStFOIJTzA/default.jpg)
![SBA EIDL & PPP Direct Forgiveness Update](https://i.ytimg.com/vi/i83NPKzDAT0/default.jpg)
![SBA EIDL Update and PPP Direct Forgiveness Portal Update | Timing of EIDL Funds](https://i.ytimg.com/vi/7Xgl46w8TX8/default.jpg)
![SBA EIDL Update | $31 Billion Funds in Jeopardy | Targeted Grant | Loan Modifications](https://i.ytimg.com/vi/Jmsnah6QxZU/default.jpg)
![What is the COVID Reduction Score | PPP Direct Forgiveness Portal | SBA | Advanced Child Tax Credit](https://i.ytimg.com/vi/K5rv-yNz13Q/default.jpg)
![PPP Direct Forgiveness Portal Walk Through | Step by Step | PPP Loans](https://i.ytimg.com/vi/IrXC2yHPHc0/default.jpg)
![NEW PPP FORGIVENESS PROCESS | SBA Announcement | 2nd Draw PPP Loans](https://i.ytimg.com/vi/f3dTBsrt5Nw/default.jpg)
![APPROVED! $500k EIDL Modification | Next Steps | What You Need To Know](https://i.ytimg.com/vi/qMglU-QOvxY/default.jpg)
![SBA EIDL Increase Update | Why is it taking so long? | How to request a status update?](https://i.ytimg.com/vi/13qqgbQ6BAQ/default.jpg)
![Should You Opt Out of the Advanced Child Tax Credit?](https://i.ytimg.com/vi/8Z59gmAQt10/default.jpg)
![Child Tax Credit 2021 | $3,600 per child | When is it coming?](https://i.ytimg.com/vi/7--x7Ae4SGo/default.jpg)
![SBA EIDL Increase | Common Errors and Solutions](https://i.ytimg.com/vi/gdA5pJGRXP0/default.jpg)