 |
Definition of 'Child Tax Credit'
A credit given to taxpayers for each dependent child that is under the age of 17 at the end of the tax year. The Child Tax credit is a nonrefundable credit that reduces the taxpayer's liability on a dollar-for-dollar basis. The Child Tax credit is intended to provide an extra measure of tax relief for taxpayers with qualifying dependents.
|
 |
Investopedia explains 'Child Tax Credit'
Because the Child Tax credit is nonrefundable, it can only reduce the taxpayer's liability to zero. It should not be confused with dependency exemptions, which may be awarded for dependents that do not qualify for this credit. However, it can also be supplemented by the Additional Child Tax credit.
|
Video Definition
-
This little member of your family will be a big expense. Find out what you need to budget for and how to save.
Read More »
-
Use this quick parental guide to help your child learn this process and establish good habits.
Read More »
-
Find out how to deal with the tax issues that arise for divorced parents with dependent children.
Read More »
-
-
If you are a caregiver, get to know the rules for claiming a dependent before filing your taxes.
Read More »
-
A few tax credits can greatly increase the amount of money you get back on your return.
Read More »
-
Becoming a full-time caregiver again presents many challenges - including making ends meet.
Read More »
-
Read More »
-
Read More »
|
|