Question about Child tax credit?

Yes.

Regardless of your source of income, whether from working as an employee, self-employed, or investment sources, if you have a qualifying child and owe taxes, the child tax credit can be used to reduce your taxes.

Also, if you have earned income, such as from self-employment, you may also be eligible for the Additional Child Tax Credit in the case your taxes are less than the Child Tax Credit for which you qualify.

Schedule C and the SE NET PROFIT 15000 of qualified earned income that you did work for to earn YES when you would have a QC dependent that would meet the rules for the CTC amount during the tax filing season on your correctly completed 1040 income tax return. OK

*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.

Use the search box at the www.irs.gov website for the below Additional IRS Resources:

*IRS Free File

*E-file Options

*Interactive Tax Assistant

*Schedule 8812, Child Tax Credit

*Publication 972, Child Tax Credit

Hope that you find the above enclosed information useful. 05/18/2013

the child tax credit depends on a child in your household under the age of 17, it is not specific to your income

it will only apply to reduce your income tax liability, ie if by the time you reduce your AGI with your personal exemptions and standard deduction there is no income tax due, the child tax credit would not apply

only later would it in the additional child credit

Yes, but keep good records, particularly if you also expect to get Earned Income Credit.

visit IRS.gov or local bookstore/library

to help u learn about the taxes least u get

burned especially if filing self employed.

normally - yes