1098 Mortgage Interest Statement1098 Mortgage Interest Statement
Alternative Minimum Tax (AMT)Alternative Minimum Tax (AMT)
Capital Gains TaxCapital Gains Tax
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Child Tax CreditChild Tax Credit
Child and Dependent Care CreditChild and Dependent Care Credit
DependentDependent
Earned Income Tax Credit (EITC)Earned Income Tax Credit (EITC)
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Form 1040Form 1040
Income TaxIncome Tax
Itemized DeductionItemized Deduction
Standard DeductionStandard Deduction
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Tax CreditTax Credit
Tax DeductionTax Deduction
Tax FilingTax Filing
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W-2W-2
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Child Tax Credit

Definition

A tax benefit that reduces the amount of tax you owe for each qualifying child. You may also get a refund if the credit is larger than your tax bill.

What to consider

  • Know the income thresholds that apply to your family.
  • Keep records of your children’s information for tax filing.
  • This credit can make a big difference in your tax bill.

Real world scenarios

  • Felix claims the child tax credit for his two young kids, lowering his annual tax liability substantially.
  • Cassandra sees an increase in her refund thanks to this credit, which helps fund her children’s education costs.
  • When her third child arrives, Beth updates her tax forms to ensure the credit accurately reflects her expanded family.

Related terms

W-2
1098 Mortgage Interest Statement
Standard Deduction
Tax Filing
Withholding Allowance

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