Archive - February 27, 2012

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11 Facts You Should Know About the 2011 Child Tax Credit

11 Facts You Should Know About the 2011 Child Tax Credit

The IRS recently issued their Tax Tip 2012-29, which provides some key points about the Child Tax Credit.

Below is the text of the tip:

The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17.  The IRS would like you to know these eleven facts about the Child Tax Credit.

  1. Amount With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.
  2. Qualification A qualifying child for this credit is someone who meets the qualifying criteria of seven tests: age,
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