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Rochester New York Form 8812: What You Should Know

And when tax season starts, the IRS will have extra time to review tax returns and to review your new claims for the Child Tax Credit. Child, Dependent, and Grandchild Tax Credits and Credit Expansion Child Tax Credit In 2018, the child tax credit is worth up to 2,000 for each qualifying child. You may claim it as a Credit for Children, an adjustment to your standard deduction or as Qualified Child Tax Credits.  The tax credit amount is reduced by the tax paid by the qualifying minor, up to 1,000 for each qualifying child. This is the child tax credit refundable and the child tax credit phaseout begins on the first dollar of income in each of the years, and ends on any child's 18th birthday. For more information about the credit, which is also known as the 2,000 credit, see IRS Publication 5016, Child Tax Credit. Note that the Credit also phases out on the date that you turn 18. Qualified Child Tax Credit In 2018, the Qualified Child Tax Credit, also known as a CTC, is available to all qualifying children, regardless of income, who are under age 27. You may claim one qualified child tax credit of 1,000 for each qualifying child. The Phaseout Schedule begins to phase out the Credit when your child turns 18 and ends when your child turns 24. The credit then phases out entirely at age 25. You may not take a qualified child tax credit if you were a dependent of another taxpayer at any time in 2017, even if that taxpayer later became a qualifying child of you. Qualifying Children Each qualifying child must be the child of both of you and either you or the qualifying child (1) Your spouse. If your spouse was married to you in 2018, you may claim your joint tax return as a single return. Your spouse. Your dependent. Your qualifying child must be the dependent of at least one of your qualifying dependents, even if that dependent is no longer a qualifying child. For example, if one of your qualifying dependents was not your child at any time during 2017, you may claim your dependent for the tax year in which you met your child's age-18 test. Example: You claimed a child for the 2023 tax year, but your child was under age 18.

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