\n
There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer for which the taxpayer is allowed a deduction under section 151 an amount equal to $1,000.<\/em><\/p>\n<\/div>\n<\/div>\n
(b)<\/span>Limitations<\/span><\/em><\/strong><\/p>\n\n
(1)<\/span>Limitation based on adjusted gross income<\/span><\/em><\/p>\n\n
The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the taxpayer\u2019s modified adjusted gross income exceeds the threshold amount. For purposes of the preceding sentence, the term \u201cmodified adjusted gross income\u201d means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933.<\/em><\/p>\n<\/div>\n<\/div>\n(2)<\/span>Threshold amount <\/span><\/em><\/strong><\/div>\n\n
For purposes of paragraph (1), the term \u201cthreshold amount\u201d means\u2014<\/span><\/em><\/p>\n(A)<\/span>$110,000 in the case of a joint return,<\/em><\/div>\n(B)<\/span>$75,000 in the case of an individual who is not married, and<\/em><\/div>\n(C)<\/span>$55,000 in the case of a married individual filing a separate return.<\/em><\/div>\nFor purposes of this paragraph, marital status shall be determined under section 7703.<\/em><\/div>\n<\/div>\n<\/div><\/blockquote>\n\n
(c) <\/span>Qualifying child<\/span><\/em><\/strong><\/p><\/blockquote>\nFor purposes of this section\u2014<\/span><\/em><\/p>\n
(1)<\/span>In general<\/span><\/em><\/p>\n\n
The term \u201cqualifying child\u201d means a qualifying child of the taxpayer (as defined in section 152(c)) who has not attained age 17.<\/em><\/p>\n<\/div>\n<\/div><\/blockquote>\n\n
(2)<\/span>Exception for certain non-citizens<\/span><\/em><\/p><\/blockquote>\n\n
The term \u201cqualifying child\u201d shall not include any individual who would not be a dependent if subparagraph (A) of section 152(b)(3) were applied without regard to all that follows \u201cresident of the United States\u201d.<\/em><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/div>\nPlease read the law section 24 of US Code 26 <\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\nSave<\/span><\/p>\n\n\n\nSave<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Are you confused about the two similar-looking tax credits – Child and Dependent Care Credit & Child Tax Credit 2022-2023. Don’t worry ! After you finish this post , you will be absolute clear about the difference between the two types of tax credits. Child tax credit eligibility? You get child tax credit if you […]<\/p>\n","protected":false},"author":1,"featured_media":217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[77],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/213"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=213"}],"version-history":[{"count":1,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/213\/revisions"}],"predecessor-version":[{"id":5953,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/213\/revisions\/5953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/217"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}