Taxpayer asks:

How much do you get for child tax credit this tax season?

taxgirl says:

For the tax year 2012, the child tax credit may be worth up to $1,000 per qualifying child. The amount that you can claim is limited if your modified adjusted gross income (MAGI) is above $110,000 for couples married filing jointly; $75,000 for single taxpayers or those claiming head of household; and $55,000 for taxpayers who are married filing separately.

Similarly, if the amount showing as tax due on your federal form 1040 at line 46 (or Form 1040A, line 28) is less than the credit, the credit must be reduced since this is a nonrefundable credit. If that amount is zero, you can’t claim the credit.

Don’t forget that in order to claim the child tax credit, you must file a federal form 1040, federal form 1040A, or a federal form 1040NR. You cannot claim the child tax credit using an “EZ” form.

Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.

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Kelly Erb is a tax attorney, tax writer and podcaster.

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