Do you have kids? If so, they might save you some money during tax season. You may qualify to take a kids tax credit on your income tax return. The official name for the kids tax credit is the child tax credit.
Kids Tax Credit Amount:
The tax credit is $1,000 per child. However, it may be reduced if your income exceeds the following limits:
- $75,000 Single or head of household
- $110,000 Married filing joint
- $55,000 Married filing separate
How to Claim the Kids Tax Credit:
You can claim the kids tax credit when you file your federal income tax return. The credit is claimed on either Form 1040 or Form 1040A.
More Kids Tax Credits:
You may qualify for the additional child tax credit if your tax liability isn't high enough to claim all of the credit.
