Child Tax Credit for Tax Year 2019
The Child Tax Credit is intended to help offset the tremendous costs of raising a child or children. It is a
partially refundable tax credit if you had an earned income of at least $2,500. If you qualify, the credit can be worth up to $2,000 per child for Tax Years 2018-2025 (in 2017 and earlier Tax Years, the credit amount was $1,000). In most cases, a tax credit is better than a tax deduction. A credit directly reduces your tax bill dollar-for-dollar, but a deduction only reduces your taxable income.
2021 Tax Tip for 2020 Tax Returns:
2019 CHILDucator tax educator tool below will help you find out if your child or dependent qualifies you to claim the Child Tax Credit on your 2019 tax return. Just answer the "Yes" and "No" questions until the KIDucator provides you with an answer!
It's easier on your 2020 Tax Return as the eFile.com tax app will do all the work for you.
Start and eFile your 2020 Tax Return on eFile.com. The eFile app will not only select the correct tax forms for you based on your tax answers, it will also \calculate your 2020 Child Tax Credit amount for you.
If your taxes owed are reduced to $0 and you still have some Child Tax Credit left over, you may be able to receive some or all of it as a tax refund by claiming the Additional Child Tax Credit - see below. Be aware that the maximum refundable portion of the credit is $1,400 (equal to 15% of earned income above $2,500). Therefore, if you tax is $0 and your total earned income is at least $2,500, you can claim the refundable part of the credit.
Additional Child Tax Credit
The Additional Child Tax Credit (ACTC) is a refundable credit that you may receive if your 2019 Child Tax Credit is greater than the total amount of income taxes you owe, as long as you had an earned income of at least $2,500. For 2019 returns, the ACTC is worth $1,400.
Form 1040 (Schedule 8812), Additional Child Tax Credit, is used to figure out if you qualify for the credit and to calculate the amount of the credit you will receive. eFile.com will do all required math and generate the form for you when you prepare your return.
For 2019, the Child Tax Credit is at least partially refundable if you had an earned income of at least $2,500. Learn more about
partially refundable tax credits.
Only one taxpayer (or married couple filing jointly) may claim any one child for the purposes of the 2019 Child Tax Credit and the Additional Child Tax Credit. If a child is claimed as a dependent on more than one tax return, the IRS will determine who gets the claim according to a set of
tiebreaker rules. Child Tax Credit Qualifications
You can claim the Child Tax Credit if your income is not too high (see the
income limitations for the Child Tax Credit), and if you have a child or children who qualify you. Use the KIDucator above to find out if your child qualifies you to claim the credit.
Dependents who can’t be claimed for the Child Tax Credit may still qualify you for the Credit for Other Dependents. This is a non-refundable tax credit of up to $500 per qualifying person. The qualifying dependent must be a U.S. citizen, U.S. national, or U.S. resident alien. You can use the
2019 DEPENDucator tool to see if your dependent qualifies for this credit.
Once you have determined if you can claim the Child Tax Credit,
use the free 2019 Tax Calculator, or "TaxStimator", to calculate and estimate your tax refund (or taxes owed) for the current Tax Year. Then use the 2019 IRS Tax Forms and complete them online before you mail them in. Find the 2019 State Tax Forms.
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Back Taxes from 2019 - 2005.
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