If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit.

Amount. The non-refundable Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child you claim on your return.

Qualifications. For this credit, a qualifying child must pass seven tests:

  1. Age test. The child must have been under age 17 at the end of 2012.
  2. Relationship test. The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, or stepsister. A child may also be a descendant of any of these individuals, including your grandchild, niece or nephew. You would always treat an adopted child as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
  3. Support test. The child must not have provided more than half of their own support for the year.
  4. Dependent test. You must claim the child as a dependent on your federal tax return.
  5. Joint return test. The child cannot file a joint return for the year, unless the only reason they are filing is to claim a refund.
  6. Citizenship test. The child must be a U.S. citizen, U.S. national or U.S. resident alien.
  7. Residence test. In most cases, the child must have lived with you for more than half of 2012.
    • Limitations. The Child Tax Credit is subject to income limitations, and may be reduced or eliminated depending on your filing status and income.
    • Additional Child Tax Credit. If you qualify and get less than the full Child Tax Credit, you could receive a refund even if you owe no tax with the refundable Additional Child Tax Credit.
    • Schedule 8812. If you qualify to claim the Child Tax Credit make sure to check whether you must complete and attach the new Schedule 8812, Child Tax Credit, with your return. If you qualify to claim the Additional Child Tax Credit, you must complete and attach Schedule 8812.

IRS Publication 972, Child Tax Credit, can provide you with more details. View it online at IRS.gov or request it by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant tool on the IRS website to check if you can claim the credit. The ITA is a resource that can help answer tax law questions.

TaxACT guides you step-by-step through the Child Tax Credit and other child-related tax benefits. If you need help determining whether someone qualifies as your dependent, use TaxACT's Dependents Tax Assistant. Help is available every step of the way through the Answer Center and online. You can also email tax and audit questions to TaxPayer Support Specialists for free answers. Start your TaxACT return now.

Additional IRS Resources:

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Upcoming Tax Dates

June 1 Wagering tax
File Form 730 and pay the tax on wagers accepted during April.

June 1 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in April.

June 10 Employees who work for tips
If you received $20 or more in tips during May, report them to your employer - Details

June 10 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of May.

June 15 Individuals
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file - Details

June 15 Individuals
Make a payment of your 2015 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details

June 15 Corporations
Deposit the second installment of estimated income tax for 2015 - Details

June 15 Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in May.

June 15 Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in May.

June 25 Regular method taxes
Deposit the tax for the last 16 days of May.

June 29 Regular method taxes
Deposit the tax for the first 15 days of June.

June 30 Wagering tax
File Form 730 and pay the tax on wagers accepted during May.

June 30 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in May.

June 30 Floor stocks tax for ozone depleting chemicals
(IRS No. 20). Deposit the tax for January 1, 2015.

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