TAX-AIDE Child Tax Credits Both a non-refundable and a refundable credit 1NTTC Training – 2013.

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Presentation transcript:

TAX-AIDE Child Tax Credits Both a non-refundable and a refundable credit 1NTTC Training – 2013

TAX-AIDE Two Credits ● Child Tax Credit Nonrefundable Up to $1,000 per qualifying child 2NTTC Training – 2013

TAX-AIDE Additional Child Tax Credit ● Refundable ● Maximum Credit 15% of earned income over $3,000 Up to the unused portion of the child tax credit 3NTTC Training – 2013

TAX-AIDE Earned income for CTC 4 Resource Guide page I-1 NTTC Training – 2013

TAX-AIDE Qualifying Child ● Must be a dependent: A qualifying child NOT a qualifying relative ● Under age 17 ● A U.S. citizen, national or resident alien 5NTTC Training – 2013

TAX-AIDE Child of Divorced...Parents ● Must be a dependent, so CTC goes with dependency to the noncustodial parent 6NTTC Training – 2013

TAX-AIDE Qualifying Child Chart: 7NTTC Training – 2013

TAX-AIDE Entering in TaxWise ● Main Information Sheet 8 If the birthday is correct so the age is under NTTC Training – 2013

TAX-AIDE Entering in TaxWise ● Main Information Sheet 9 and relationship makes him a qualifying child... NTTC Training – 2013

TAX-AIDE Entering in TaxWise ● Main Information Sheet 10 and he lived with TP more than ½ the year... NTTC Training – 2013

TAX-AIDE Then... TaxWise will calculate the credit. 11NTTC Training – 2013

TAX-AIDE Note ● Remind taxpayer that credit will disappear when child turns 17 ● 2013 is last year for those with birthday in NTTC Training – 2013

TAX-AIDE Child Tax Credit NTTC Training – Questions? Comments?