child tax credits

Depending on your income, the child tax credit can be worth up to $1,000 per qualifying child under the age of 17. There are various criteria you need to meet:

  • The child has to be claimed as a dependent on your tax return.
  • The child must be a U.S. citizen.
  • The child must be related to you; adopted children are deemed to be yours.
  • The child must have lived with you for more than half the year.

Once your adjusted gross income (AGI) is above $75,000 a year, your credit is limited. This threshold is $55,000 for married taxpayers filing a separate return $110,000 for those filing a joint return.

For further questions about Phoenix personal income tax accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.