The federal government and 15 states offer child tax credits to help American families, primarily those with low to middle income groups.
The 15 states that provide the Child Tax Credit are: Arizona, California, Colorado, Idaho, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oklahoma, Oregon, Utah and Vermont.
However, only 11 (California, Colorado, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oregon and Vermont) have made the child tax credit refundable. Eligibility requirements differ from state to state. Here are the entities that grant the most money.
Minnesota
The credit amount is refundable up to $1,750 per qualifying child. The maximum amount gradually reduces for single taxpayers with income over $29,500 and $35,000 for those filing jointly.
Colorado
Up to $1,200 per qualifying child, under 6 years old. The amount depends on income and filing status.
California
The amount amounts to $1,000 for each qualified family with income less than $25,000. Qualified families with income between $25,000 and $30,000 receive a reduced credit. The credit only applies to families with children under 6 years old who qualify for the California Earned Income Tax Credit (CalEITC).
Oregon
The credit amount is up to $1,000 for each child under 5 years of age. Families with income over $30,000 are not eligible
Vermont
In the state, up to $1,000 is granted per child under 5 years of age. Taxpayers must have income less than $125,000 to be eligible.
Here more details about the Child Tax Credit in each state.
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This is the Child Tax Credit at the federal level
Taxpayers may be eligible for a credit of up to $2,000, of which $1,600 may be refundable. According to the IRS, for a child or dependent to qualify for this credit they must:
- Be under 17 years of age at the end of the year and have a Social Security number
- Be your child, stepchild, eligible foster child, brother, stepbrother, half-sibling, or a descendant of one of these (for example, a grandchild or nephew)
- Provide at most half of your own financial support during the year
- Have lived with you for more than half the year
- Be properly claimed as your dependent on your tax return
- Do not file a joint return with your spouse for the tax year or file only to claim a refund of income tax withholding or estimated tax payments
- Be a U.S. citizen or a national citizen or resident alien of the United States.
2024-02-14 05:48:38
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