As most parents in the USA are now aware, the dependency exemption of $4,050 has been eliminated. Thankfully, though, it is still possible to apply for various tax benefits and credits if you have children or dependents in your care. One of those benefits is the Child Tax Credit. Interested to know if you qualify to receive it? We have got all the facts below:
What Are the Qualifying Criteria?
There are only four qualifying criteria when it comes to the Child Tax Credit for the tax year of 2019:
- You need to have at least one child in your care who is under the age of 17 at the end
of the calendar year. - You need to earn less than $400,000 per annum if you are filing jointly with your spouse OR less than $200,000 per annum if you are single and filing individually.
- You need to have provided at least half of the child’s support over the course of the last year.
- The child needs to have lived with you for a period of at least six months over the course of the last year (there are some exceptions to this rule).
How Much Is the Child Tax Credit Worth for the Tax Year of 2019?
You can get up to $2,000 per qualifying dependent child through the Child Tax Credit. Seeing that it is a tax credit rather than a deduction, it reduces your taxes dollar-for-dollar. Furthermore, up to $1,400 of the Child Tax Credit is refundable. In other words, it can take your tax bill right down to zero and you will still have the opportunity to get a refund on anything left over. 
If you have dependents living with you who are over the age of 17 but that still qualify as dependents (usually as a result of a disability), there is a $500 non-refundable credit that you can obtain via the Child Tax Credit benefit.
Be sure to get in touch with the Certified Public Accountants at Georgen Scarborough Associates, PC, if you have any further questions about the Child Tax Credit and how to qualify.
doubled and is now $2,000 in total. You should qualify for this credit if you are the caregiver of one or more children under the age of 17, and if you and your partner’s income threshold is $400,000 (if you are married and filing jointly). If you are single, the income threshold currently sits at $200,000.
or are disabled in some way. With this credit, you will also receive a dollar-for-dollar reduction of between 20% to 35% (depending on your annual income) of $3,000 ($1,050) for one child or $6,000 ($2,100) for two or more children.