age for child tax credit
Depending on your income and the age of your children, you could score a hefty income tax credit and possibly earn a tax refund. If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return. A tax credit reduces your tax bill dollar-for-dollar, so three qualifying children, for example, can cut what you owe Uncle Sam by $3,000. I was just wondering if anyone knew the logic behind cutting off the child tax credit at age 17, thereby making any child ineligible if they turned 17 at any point in time during that year. Sam and Judy also have two children under age 17, but their joint income is $130,000, meaning they will lose some of their child tax credit. Since their combined income exceeds the $110,000 phase-out threshold for married couples by $20,000, they must reduce their credit by $50 for every $1,000 they are over the limit. Why not 18, or why not the year of high school graduation. My 17 year old is in 11th grade, and my husband about blew a gasket when he found out that we only would receive the tax credit for our 7 year old for 2005. I know they had to pick a cutoff age, but 17 just seems to be a strange age. The definition of a qualifying child changed in 2005. The IRS hasn't updated its Web site with this information, but my understanding is that for purposes of the Child Tax Credit, as of 2005 a qualifying child is someone who: Is under the age of 17 at the end of 2005. Child Tax Credit. Depending on your income and the age of your children, you could score a hefty income tax credit and possibly earn a tax refund. Credit worth as much as $1,000 per child. If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return. You must tell the Tax Credit Office if your child: 1  turns 16 and stays in approved education or training. 2  starts or leaves approved education or training.  joins or leaves a careers service. As for the age 17 cutoff, that is the Feds way of saying, Your kids is old enough to get a job and pay taxes.. I have only one child remaining who is under 17 (last tax year I had two) and I don't get to claim any credit this year due to MAGI phase-out. Herb and Susan have two children under age 17. The couple files a joint return and reports income of $50,000. Their AGI is well below the $110,000 phase-out threshold for married couples filing jointly. They can claim the full $2,000 child credit since the credit does not exceed their tax liability. Several years ago, I did my own taxes and took the child care tax credit for my 19 year old unemployed child. I got auditted by IRS, , penalized , interest,etc. Ended up owing around $2000. So if 16 or 17 seems odd, don't question it.
Under age 17