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Child Tax Credit at a Glance

Child Tax Credit

Child tax credits are a specific type of tax credit that may be affected by the number of dependent children that is in a family. A child tax credit can be influenced by a variety of other factors. One of the most typical factors that will determine eligibility for a child tax credit is the income level of the individual who is being considered for a child tax credit.

In the United States, the major qualification that will allow an individual to obtain a child tax credit is that individuals making less than $110 thousand are eligible to obtain the full child tax credit. After $110 thousand dollars, the benefit is reduced by five cents for every additional dollar the person makes.

In order to be eligible for the child tax credit, the child must be under the age of 17 at the end of the taxable year, and the person claiming the child tax credit can only claim it if the child in question is their own son or daughter, is a step-son or step-daughter, can be claimed as a dependent, is an eligible foster child, or is a descendant of one of these above individuals.

In the United Kingdom, child tax credits are only available for families making less than 58 thousand pounds. This child tax credit can be claimed on top of a child benefit. As long as the person filing their taxes meets the income level requirements, the tax cannot be wasted, meaning it is paid whether or not the person is working. Child Tax credits in the United Kingdom can be bolstered through integration with the working tax credit, and increased if the child suffers from a disability.

NEXT: Earned Income Tax Credit 2009

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