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    Child Tax Credit

    The Child Tax Credit / Additional Child Tax Credit

    US citizens are entitled to tax credits of up to $1,000 for every child who is a US citizen and under 17 years of age at the end of the calendar year.

    A person must meet certain criteria and income tests in order to file for the credit.

    One cannot claim this via Foreign Earned Income (form 2555), but rather deduct foreign tax credits.

    A qualifying child for this credit is someone who meets the qualifying criteria of six tests:

    Age, relationship, support, dependence, citizenship, and residence.

    The problem lies with children who earn their parents high Israeli income tax credits.

    In such cases, the tax paid in a foreign country may not offset the U.S debt, resulting in a reduced refund.

    Like any credit, the tax return will be paid via an American check delivered to the home of the reporting citizen, or via direct transfer to an American bank account.

    A thorough understanding of the applicable tax system could lower this reduction.

    Here at Tax4US, we use the most professional methods for maximal tax savings and a complete tax return.

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