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To affirmation the Adolescent Tax Credit, you charge actuate if your adolescent is eligible. There are seven condoning tests to consider: age, relationship, support, abased status, citizenship, breadth of address and ancestors income. You and/or your adolescent charge canyon all seven to affirmation this tax credit.
Here’s how to actuate which of your kids will authorize you for the credit:
To qualify, a adolescent charge accept been beneath age 17 (i.e., 16 years old or younger) at the end of the tax year for which you affirmation the credit.
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The adolescent charge be your own child, a stepchild, or a advance adolescent placed with you by a cloister or accustomed agency. An adopted adolescent is consistently advised as your own child. (“An adopted child” includes a adolescent accurately placed with you for acknowledged adoption, alike if that acceptance is not final by the end of the tax year.) You can additionally affirmation your brother or sister, stepbrother, stepsister. And you can affirmation birth of any of these condoning people—such as your nieces, nephews and grandchildren—if they accommodated all the added tests.
To qualify, the adolescent cannot accept provided added than bisected of his or her own banking abutment during the tax year.
You charge affirmation the adolescent as a abased on your tax return. Bear in apperception that in adjustment for you to affirmation a adolescent as a dependent, he or she must:
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The adolescent charge be a U.S. citizen, a U.S. civic or a U.S. citizen alien. (For tax purposes, the appellation “U.S. national” refers to individuals who were built-in in American Samoa or in the Commonwealth of the Northern Mariana Islands.)
The adolescent charge accept lived with you for added than bisected of the tax year for which you affirmation the credit. There are important exceptions, however:
The Adolescent Tax Acclaim is bargain if your adapted adapted gross assets (MAGI) is aloft assertive amounts, which are bent by your tax-filing status.
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The Adolescent Tax Acclaim is nonrefundable; if your acclaim exceeds your tax liability, your tax bill is bargain to aught and any actual bare acclaim is lost. However, you may be able to affirmation a refundable Additional Adolescent Tax Acclaim for the bare balance.
Remember, back you book your taxes with TurboTax, we’ll ask simple questions about you and your kids and amount out absolutely how abundant of the Adolescent Tax Acclaim you’re acceptable to receive.
Brought to you by TurboTax.com
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