Affordable Care Act (ACA)
Affordable Care Act (ACA) – Lowe Levinson Financial Solutions can help you retrieve & file Form 1095-A
Learn More
This checklist will help you determine if you qualify for the child tax credit:
A child must have been under age 17 (age 16 or younger) at the end of the year
You must claim the child as a dependent on your federal tax return.
A child must either be your son, daughter, stepchild, foster child, brother, stepbrother, or a descendent of any of these individuals, which includes your grandchild, niece, or nephew.
The child must ba a U.S. citizen, U.S. national, or U.S. resident alien
The child must not have provided more than half of his/her. own support.
The child must have lived with you for more than half the tax year.
The credit is now refundable up to $1,700 limited if you modified adjusted gross income is above a certain amount. The amount varies depending on your filling status.
Married Filling Joint
For all other taxpayers
| No. of Children | Max Credit |
|---|---|
| - | $632 |
| $4,213 | |
| $6,960 | |
| $7,830 |
AGI earned income
| No. of Children | Below |
|---|---|
| - | $25,511* |
| $56,004* | |
| $62,688* | |
| $66,819* |
*Max income for Married Filing Jointly
Under 24 if student for at least 5 months
Child Age Limit
The credit will be reduced when AGI reaches $125,000. An eligible family with an AGI of $125,000 or less will get a credit worth 50% of their qualifying expenses. The credit further reduces from 50% to 20% for families with an AGI between $125,001 and $183,001. Credit will stay at 20% for families with an AGI from $183,001 to $400,000, but will continue to reduce again from 20% to 0% for families with an AGI above $400,000. If your AGI is above $438,000, the credit is completely phased out.
of tuition and fees for any post-secondary education; maximum of $2,500 for the household.
For individual taxpayers, the American Opportunity Credit phases out if modified adjusted gross income is over $69,000. For married filing joint, the credit phases out if MAGI is over $138,000.
Qualified students can be any age.
Note: If student is dependent of another, taxpayer may claim credit.
per student for four years of post-secondary education
For individual taxpayers, the American Opportunity Credit phases out if modified adjusted gross income is over $90,000. For married filing joint, the credit phases out if MAGI is over $180,000.
Must be taxpayer’s dependent.
The credit is 40% refundable, up to $1,000, so it can benefit even those with no tax liability
This year credit is partial refundable up to $1700 in Additional Child Tax Credit, but you first must qualify for the Child Tax Credit. If the amount of your Child Tax Credit is not limited by your income tax liability, you may be able to claim the Additional Child Tax Credit.
Married Filling Joint
Single, head of household, or qualifying widow(er)
For each $1,000 by which the taxpayer’s adjusted gross income (AGI) exceeds $75,000 ($150,000 for joint fliers), the child tax credit is reduced by $50.The Additional Child Tax Credit is fully refundable less any tax liability. Tax-exempt combat pay counts as earned income for calculating the Additional Child Tax Credit.
Affordable Care Act (ACA) – Lowe Levinson Financial Solutions can help you retrieve & file Form 1095-A
Learn More