2 children, 1 tax credit
I have two children that are my dependents but my tax program is only giving me the $1,000 credit for one of them. What's wrong?
There are various rules that affect
the child tax credit reported on line 53 of your Form
1040. The maximum amount you can claim for the credit is $1,000 for each qualifying
A qualifying child, for purposes of the child tax credit
is a child who:
1. Is your son, daughter, stepchild, foster child,
brother, sister, stepbrother, stepsister, or a descendant of any
of them (for example, your grandchild, niece or nephew).
2. Was under age 17 at the end of 2006.
3. Did not provide over half of his or her own support for 2006.
4. Lived with you for more than half of 2006.
a U.S. citizen, a U.S. national or a resident of the United States.
If one of your kids turned 17 in 2006, this could
be the reason you're not getting the credit. In addition, if your
income exceeds a certain threshold, your credit is reduced or eliminated.
The reduction occurs when your modified adjusted gross income, or
AGI, is in excess of the amount shown below for your filing status.
Married filing jointly -- $110,000.
b. Single, head of household or qualifying
widow(er) -- $75,000.
c. Married filing separately -- $55,000.
Also, if your tax (line 46 of Form 1040) is less than
the credit, you will not get the full $1,000 credit.
If these aren't the reasons for the reduction of the
credit, double-check your input into the software.