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Thursday, December 23, 2010

Child Tax Credit Extended

The 2010 Tax Act extends the $1,000 child tax credit for two years, through December 31, 2012.  The extension includes 'enhancements' made by the prior two tax acts and other bills.  The credit phases out for joint filers starting at adjusted gross income of $110,000 ($75,000 for other filers).  The qualifying child must be under age 17 at the close of the year and satisfy relationship, residency, support, citizenship, and dependent tests.  The credit may be refundable in some cases.

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