There are some qualifications that must be met in order for you to claim the credit. You will need to have the name and social security number for each child that you are trying to claim. The child may not be claimed on anyone else's tax return for that filing year.
Because this is a credit, not a deduction, you get to take those dollars right off your tax bill. That makes this much better than a deduction would be, which would just reduce the income you use to determine taxes. And the credit does not affect the exemptions you take for dependents. The credit tax credit is in addition to your exemptions. If you do qualify for this credit you will claim the credit on form 1040 or form 1040A. If you are still wondering if you qualify for the child tax credit you can take the relationship test. There are a few questions that will help you determine this.
- The child that you are claiming must have received 50% of thier support from you
- The child must be a United States citizen or a resident of the United States.