child tax credit: Severn, MD: Claiming Other Dependent Tax Credit - 11/17/19 07:33 PM
If you have a dependent who does not meet the criteria for the Child Tax Credit (CTC), you may still qualify for a $500 credit called the Other Dependent Credit. Also called the Family Tax Credit, this nonrefundable credit was created under the Tax Cuts and Jobs Act (TCJA) of 2017. Examples of qualifying dependents include children of age 17 or 18 (or up to age 23 if they are full-time students), and adult relatives who are unable to support themselves due to a disability.
 
Your claimed dependents must be US citizens, resident aliens, or nationals, and must have a taxpayer ID number … (0 comments)

child tax credit: Severn, MD: Age Limited Tax Deductions - 09/29/19 09:31 AM
Several key tax credits end when a dependent child reaches a specified age. Here is a quick summary of the age rules for three of the most important tax credits for parents, as well as the most important exceptions:
 
Child and Dependent Care Credit: Child must be under 13 years of age (12 years old or younger), OR live with you more than half the year and be incapable of self-care.
 [The Child and Dependent Care Credit is 20% to 30% of up to $3,000 of child care and similar costs for a child under 13 and up to $6,000 of expenses for … (0 comments)

child tax credit: Severn, MD: Earned Income Credit, Child Tax Credit - 02/21/19 08:35 PM
If you're claiming the Earned Income Tax Credit or Additional Child Tax Credit, both of which are refundable credits, your refund will be released by the IRS starting from February 27, 2019. A refundable credit is one which gives you cash back even if you didn't pay any tax into the system during the year.
 
You may check the status of your refund at https://www.irs.gov/refunds.
 
 
 
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child tax credit: Severn, MD: IRS Proc Returns 1/28/19, Qualifying Child for Tax Credit - 01/27/19 07:38 PM
The IRS will begin processing tax returns on January 28th, 2019, and provide refunds as scheduled. The recent government shut down did not delay this start date. 
The filing deadline for 2018 tax returns is Monday, April 15th, 2019. If you live in Maine or Massachusetts, you have until April 17th due to public holidays in those states.
 
 
More information on qualification requirements for my previous blog on the Child Tax Credit:
Under the Tax Cuts and Job Act (TCJA) for 2018, a qualifying child must have a Social Security Number in order to claim the Child Tax Credit.
To be a qualifying child, they … (0 comments)

child tax credit: Severn, MD: Dependent Care Tax Credits - 01/24/19 06:34 PM
More good news due to increased income limits in the new tax laws. If you have a child who was under the age of 13 throughout 2018 or who was under the age of 17 and requires assistance for self-care, you might now be eligible to claim both the Child Tax Credit and the Child and Dependent Care Credit.
 
To qualify for the Child Tax Credit (also known as the “per-child credit”), you must have a child who was less than 17 years old throughout 2018, can be claimed as a dependent on your tax forms, and lived with you for at least … (3 comments)