How to Fill Out the 2014 Child Tax Credit Worksheet
This article is going to provide you step-by-steps instructions on how to fill out the child tax credit worksheet to calculate the federal child tax credit.
1. Enter the number of eligible children and multiple that number by $1,000. If you are unsure which child or children qualifies visit claiming child tax credit.
2. Enter your adjusted gross income (AGI). You can find that on the form 1040 at line 38 or the form 1040A at line 22.
3. Enter the indicated amount based on your filing status ($55,000-$75,000 or $100,000).
4. Deduct line 3 from line 2 and round the amount to the nearest thousand. For example $376 would become $1000 and $3,891 would become $4000. If the number on line 3 is more than the number on line 2 just enter 0 and continue to line 6.
5. Multiple line 4 by 5% (.05).
6. Subtract line 5 from line 1. If you have a positive number you are able to continue if you have a negative number it means you are not eligible for this credit.
At this point you are going to want to double check to be sure that you have calculated any of the other tax credits that you are claiming.
7. Enter your tax amount. This is found at line 46 on form 1040 and line 28 on form 1040A.
8. Total up all of the tax credit amounts found on the child tax credit worksheet.
9. Subtract line 8 from line 7. This amount is going to show you what is available for the deduction.
10. Compare line 6 and 9. Then, enter the smallest amount on line 10 and on your 1040 form. On the 1040 form this is line 51 and on the 1040A form this is line 33. Now you have found your child tax credit amount.
Reminder: If line 6 is more than your child tax credit amount it is possible that you may be qualified for an additional child tax credit.
5 Year Extension
A tax credit extension that parents with minor children will continue to enjoy for the next five years is the child tax credit. This was set to expire in 2012, but has been extended. This credit only applies to taxpayers who can claim their child as a dependent and who meet all of the requirements.
Keep in mind if you use Turbo Tax to prepare your taxes, we’ll ask you simple questions about your status and recommend a filing status, deductions, and credits. Our tax estimator will tell you how much you can expect to have refunded to you for free.
This article is going to provide you step-by-steps instructions on how to fill out the child tax credit worksheet to calculate the federal child tax credit.
1. Enter the number of eligible children and multiple that number by $1,000. If you are unsure which child or children qualifies visit claiming child tax credit.
2. Enter your adjusted gross income (AGI). You can find that on the form 1040 at line 38 or the form 1040A at line 22.
3. Enter the indicated amount based on your filing status ($55,000-$75,000 or $100,000).
4. Deduct line 3 from line 2 and round the amount to the nearest thousand. For example $376 would become $1000 and $3,891 would become $4000. If the number on line 3 is more than the number on line 2 just enter 0 and continue to line 6.
5. Multiple line 4 by 5% (.05).
6. Subtract line 5 from line 1. If you have a positive number you are able to continue if you have a negative number it means you are not eligible for this credit.
At this point you are going to want to double check to be sure that you have calculated any of the other tax credits that you are claiming.
7. Enter your tax amount. This is found at line 46 on form 1040 and line 28 on form 1040A.
8. Total up all of the tax credit amounts found on the child tax credit worksheet.
9. Subtract line 8 from line 7. This amount is going to show you what is available for the deduction.
10. Compare line 6 and 9. Then, enter the smallest amount on line 10 and on your 1040 form. On the 1040 form this is line 51 and on the 1040A form this is line 33. Now you have found your child tax credit amount.
Reminder: If line 6 is more than your child tax credit amount it is possible that you may be qualified for an additional child tax credit.
5 Year Extension
A tax credit extension that parents with minor children will continue to enjoy for the next five years is the child tax credit. This was set to expire in 2012, but has been extended. This credit only applies to taxpayers who can claim their child as a dependent and who meet all of the requirements.
Keep in mind if you use Turbo Tax to prepare your taxes, we’ll ask you simple questions about your status and recommend a filing status, deductions, and credits. Our tax estimator will tell you how much you can expect to have refunded to you for free.