Do I Qualify for the Child Tax Credit for 2015?

Tax lawyers share with you the inside information regarding the child tax credit and the 7 requirements you must meet.

Upon determining which tax credits you are eligible to receive, you want to make certain that once you confirm what you can and cannot apply on your return, you provide the information in order to receive the credit. As we can all agree, we spend much of our life working in order to provide for ourselves, along with our families. And although tax time doesn’t always guarantee a refund is going to be given back based on our earnings, in the event you qualify for one, you want to be sure you secure it.

tax lawyer in IndianaTax attorneys in Indiana have taken the time to provide you with some important information Turbo Tax has published pertaining to the child tax credit you may receive should you be claiming your child on your return. In the event you have already file your taxes seeing that the deadline is quickly approaching, amending it is always an option to include this benefit.

  1. The first requirement that must be met is the “age test.” Your child must have been under the age of 17 for the 2015 year in order to successfully apply this credit to your return.
  1. The credit can be only received if the child is in fact your own, a foster child placed in your custody by a court or agency, or a stepchild. You can even claim a brother or sister, stepbrother, etc. if they meet the other criteria.
  1. Tax legal representatives also note that the child must have not provided more than half of their own financial support during the 2015 year.
  1. For this credit, you must claim the child as dependent if they are under the age of 19, or 24 if they were a “fulltime student for at least 5 months of the year.”
  1. The child being claimed must be a U.S. citizen.
  1. In order to qualify, tax attorneys highlight that the child must have resided with you in your household for more than half of the 2015 tax year.
  1. The determination of how much you receive for this credit is based on your income. Therefore, those who make $55,000 filing married, $75,000 for single, and $110,00 for married filing jointly, are eligible to receive up to $1,000. In your income exceeds those limits, for each $1,00 it goes beyond, your credit will be reduced by $50

Upon determining which credits you qualify for, be sure you ask your tax preparer whether or not you are capable of having the child tax credit applied when having your taxes filed. Indiana tax fraud lawyers also remind you to always provide accurate and up to date information on your return to ensure you aren’t recognized for falsifying any income, deductions, or the eligibility to receive a credit.