The Child Tax Credit is a tax benefit granted to American taxpayers for each qualifying dependent child. The credit can be up to $1,000 per child and is available to taxpayers who earn income below a certain amount. The credit helps offset the cost of raising children and can be used by parents, guardians, or other caregivers.The Child Tax Credit was created in 1997 and has been amended several times since then. The most recent amendment, made in 2009, increased the credit amount from $500 per child to $1,000 per child. The credit is available to all eligible taxpayers regardless of their filing status or income level.To qualify for the Child Tax Credit, a taxpayer must have at least one qualifying child under the age of 17 at the end of the year. A qualifying child must meet three requirements: relationship test (the child must be related to you), residency test (the child must live with you for more than half of the year), and age test (thechildmustbeunder17). Additional rules apply if both parents are claiming a credit for the same child .To claim the Child Tax Credit , filers must complete IRS Form 1040A or 1040EZ . The form includes questions about your dependents’ ages an d residences, as well as your adjusted gross income. You don’t need to itemize deductions on y our tax return to claim the credit.
