The Child Tax Credit is a valuable credit that can significantly reduce your tax liability.  Here are ten important facts

1. Amount - You may be able to reduce your by federal tax liability by up to $1,000 for each qualifying child
2. Qualification - Someone who meets the qualifying criteria tests
   1. Age Test - A child must be under 17 at the end of the tax year
   2. Relationship Test - The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these people which includes your grandchild, niece or nephew.  Adopted children are always treated as your child.
   3. Support Test - The child must not have provided more than half of their own support
   4. Dependent Test - You must claim the child as your dependent on your federal income tax return
   5. Citizenship Test - The child must be a US citizen, US national, or US resident alien
   6. Residence Test - The child must have lived with you for more than half of the calender year.  There are some exceptions to this rule.
   7. Limitations - The credit is limited by the taxpayers' modified adjusted gross income
3. Additional Child Tax Credit - If the amount of your Child Tax Credit is greater than the amount of of income tax you owe, you may be able to claim the credit

For more information, see IRS Publication 972 available at irs.gov or call PAS at 843-224-6875