Additional Child Tax Credit Amount for 2009, 2010
One of the most common tax credits is the child tax credit
The child tax credit can reduce the amount that you owe for taxes. If youʼre current tax liability is less than the child tax credit than you may be eligible for the additional child tax credit. This additional credit will allow you a refund. The amount of the refund will differ depending on your total earned income. It may also be affected by the amount of social security and Medicare taxes that were paid.
The additional child tax credit is available to taxpayers with qualifying children. A qualifying child must be under the age of 17 before the end of the tax year and be a resident or citizen of the United States. You must also be able to claim this child as a dependent on your return.
You may receive a refund through the additional child tax credit up to 15% of your total earned income over $11,750.00 and under the income limitations.
The income limitations are as follows:
If you have three or more dependents that qualify for the child tax credit than you might also be able to claim the additional child tax credit. You may be able to claim up to the full amount of social security taxes that you have paid. If you have also qualified to receive the earned income credit than your maximum amount that you can receive for the additional child tax credit will be your social security tax paid minus the amount of the earned income credit you are able to receive.
Please visit TurboTax online and try one of their free online tax calculators to help you determine the amount you may receive through your additional child tax credit.