Child Tax Credit Amount 2011
The child tax credit amount comes out to 1,000 dollars per child. The child tax credit, as opposed to a tax deduction, will actually take away tax dollars owed instead of just lowering taxable income.
Child Tax Credit 2011
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.
How Much is the Child Tax Credit Amount?
For families with three qualifying children or fewer, this tax credit is refundable to the extent of 15 percent of taxable earned income in excess of $3,000 for 2010. For families with four or more qualifying children, the refundable amount may be the excess of the family's Social Security tax over the earned income credit, or the extent of 15 percent of taxable earned income in excess of $3,000, whichever is greater.
Child Tax Credit Amount 2011
There are some cases where the 2011 child tax credit amount exceeds your tax liability, but you can get what’s called the child tax credit refund. This is what’s referred to as the additional child tax credit, and can be worked with on income tax form 8812.
