Do you have dependent children at home? You may be entitled to a hefty tax credit. Qualifying dependents living with taxpayers falling under certain income thresholds may be eligible for up to a $1,000 tax credit per child. This is a tax credit, not a tax deduction. That means every dollar of the credit reduces your tax liability by a dollar. This can be great news for parents. As you star to prepare your taxes this year in preparation of the April 15th deadline, be sure to think about the child tax credit and make sure you're getting every penny you deserve.
How to Claim the Child Tax Credit for 2009
From Jeremy Vohwinkle, About.com GuideFebruary 10, 2010
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child tax credit goes with the dependency exemption. If the custodial spouse signs off the exemption, or the judge awaqrds the exemption to the non-custodial spouse per the decree, the residence requirement doesn’t apply. It still applies for EIC, dependent care, and Head of H/H filing, and qualifying child definition.