Child Tax Credit Worksheet and Calculator for 2008, 2009
The child tax credit worksheet will help you determine if you meet the necessary guidelines to receive the child tax credit. The first test will be for the dependent, he or she will have to meet some minimum requirements such as:
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Be a citizen or resident of the United States
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Be a resident of your household for at least half the year
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They will need to have a social security number
There will be a worksheet provided in the instructions for form1040, line 52 or form1040A, line 33. This worksheet will help you calculate your child tax credit amount. The amount will be up to $1,000.00 for each qualifying child. This amount will be subject to your total tax liability amount. The credit cannot exceed the amount you owe.
If the credit is greater than the amount of your liability then you may qualify for the additional child tax credit. You can calculate this amount using form 8812. These tax credits will begin to phase out as your income exceeds certain levels. The credit will begin being reduced by $50.00 for every 1,000.00 that your income exceeds the threshold amounts.
You can get a lot of free information and help in preparing your taxes at an online tax preparing service such as TurboTax online. Using a tax preparing service will provide all of the worksheets necessary to get the most deductions and credits possible. They also will provide free tax calculators to help you find out what deductions and credit you can take.
Let TurboTax Online walk you step-by-step through this process. Please visit TurboTax Online to access the forms and to use their free tax calculator.
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