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Tax Credit Consulting: The Child Tax Credit Anchorage AK

The children in question would have to have lived with you for at least half of the year as well. There are some exceptions to these criteria. There is also a phase out income level.

Mr. Micah Vincent Shilanski (RFC®), CFP, CSA
(907) 278-1351
431 W. 7th Avenue Suite 100
Anchorage, AK
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Shilanski & Associates, Inc.
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Years of Experience: 9
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Education Plan, Healthcare Accounts, BuySell

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WRConkey's Accounting Service
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200 W 34th # 852
Anchorage, AK
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H&R Block Inside Eastview Center
(907) 337-1040
5520 LAKE OTIS PKWY STE 102
ANCHORAGE, AK

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Liberty Tax Service
(866) 871-1040
2207 E Tudor Rd # 35
Anchorage, AK

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H&R Block
(907) 222-2978
5800 WESTOVER
ELMENDORF AFB, AK

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H&R Block
(907) 561-5113
3555 ARTIC blvd C1 & C2
ANCHORAGE, AK

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H&R Block
(907) 646-9864
3101 PENLAND PARK STE H-2
ANCHORAGE, AK

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H&R Block
(907) 336-1477
9220 LAKE OTIS pkwy UNIT A-1
ANCHORAGE, AK

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Liberty Tax Service
(866) 871-1040
322 Muldoon Rd # B
Anchorage, AK

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H&R Block
(907) 338-4848
7731 E NORTHERN LIGHTS BLVD
ANCHORAGE, AK

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Tax Credit Consulting: The Child Tax Credit

The Child Tax Credit

The Child Tax Credit allows you the possibility to reduce your Federal tax liability by $1000 for each qualifying child under the age of 17.

The Child Tax Credit

In order to claim the Child Tax Credit, the child in question must be under the age of 17 as of the end of the tax year. They also must be a son, daughter, adopted child, stepchild, or eligible foster child. They could also be the descendents of any of those which would mean grandchildren. They must be citizens of the United States or resident aliens. You have to have provided at least half of the support for them.

The children in question would have to have lived with you for at least half of the year as well. There are some exceptions to these criteria. There is also a phase out income level. The phase out income level is the point where the percentage of the credit begins to decline until it is no longer allowed. For a married couple filing jointly this phase out level is $110,000 of adjusted gross income. It is $55,000 for married filing separately and $75,000 for all others.

Although you can only take a credit up to the amount of actual tax owed, it is possible to take any amount that is left over as an Additional Child Tax credit. This is a refundable credit. It means that if your credit exceeds the amount of tax you owe, you will get a refund of the difference. You get this refund regardless of the amount of money that has been withheld from your pay.

The total of the Chi...

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