IRS reminds parents of these tax credits worth thousands |
IRS reminds parents of these tax credits worth thousands
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TurboTax expert offers suggestions to maximize one's 2026 tax refund
TurboTax expert offers suggestions to maximize one's 2026 tax refund
(NEXSTAR) – Paying taxes is hard enough, so leaving additional money on the table should be avoided at all costs.
Last week, the Internal Revenue Service advised parents and families not to overlook available tax credits that could significantly lower their tax burdens – or even boost their refunds.
The first step, according to the IRS, is to make sure that the child and the taxpayer both have a valid Social Security number. Tax experts recommend closely checking any returns to make sure the numbers are entered correctly – a mistake could cost money.
The Child Tax Credit is a nonrefundable break for families with qualifying children.
As a nonrefundable credit, it can lower one’s tax burden until the amount is $0, but taxpayers won’t receive any remaining money after that.
For a child to qualify, according to the IRS, they must:
Be under 17 at the end of the tax year.
Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild,........