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2014 child tax credit amount Form: What You Should Know

Last name. First name. Last name. 2014 Schedule 8812 (Form 1040A or 1040) This form is required by the child's employer. See Notice 2014-21 and the instructions for Form 1040, Schedule 2, line 23 to figure your child tax credit. 2014 Notice 2014-28 — IRS For a full list of exemptions, additional child tax credits, and Child Tax Credit credits, see Notice 2014-28. The amount that you deduct from your income is equal to the child tax credit for the year (which is also called the credit) less any other itemized deductions you claim with your return. Example: If all qualifying children live in the same house, and you claim 20,000 for your child tax credit, then your tax would be 10,600. But if your income is more than 200,000 per year, your tax would be 17,200—a tax difference of 1,800 compared to if your children didn't live in the same house. Schedule A (Form 1040) If you are a nonresident alien, and you claim the credit, you'll have to itemize your deductions, which will reduce the amount of the child tax credit. Example: If your qualifying child lives in the same house as you, your deduction can be as little as 5,000. If you claim either 4,000 (10,400 if the child is younger than 18) or 3,000 (9,200 when the child is 18), then your tax is 20,000. But if your child lives away, and you claim 3,000 (8,800 if the child is under 18), your taxable income would be 40,000 in 2023 with the child tax credit. Even if you live in the same city as the child, your taxable income would have to be at least twice that amount. If your child lives at home or is a “dependent for other purposes,” you can't claim more than half of the child tax credit. So if your child doesn't live at home or are a dependent for other purposes, for example, you can't claim the full amount of the child tax credit if you claim either only 4,000 or 3,000 of it. For example, if you claim the two amounts, there would have to be more than 18,400 of the 20,000 that you can claim.

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