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Tax Credit Consulting: The Child Tax Credit Billings MT

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.

John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

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H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

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Trudy's Bookkeeping & Tax Service
(406) 245-0698
2110 Ridgeview Dr
Billings, MT
 
H & R Block
(406) 652-7020
71 25th St W Ste 5
Billings, MT
 
Abacus Tax Service
(406) 652-0777
3213 Grand Ave
Billings, MT
 
H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

Data Provided by:
Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
 
Shonna Stearns CPA
(406) 245-0244
Billings, MT
 
Snyder Scott C CPA PC
(406) 252-4882
3300 2nd Ave N
Billings, MT
 
H & R Block
(406) 259-7707
1038 Main St Ste 7
Billings, MT
 
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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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