Friday, January 15, 2010

Can either parent claim the $2000 child tax credit, or it has to be the parent with the lower income?

The parent who claims the exemption for the child. (And it's $1,000, not $2,000 unless you have 2 children under age 17 as of 12/31)Can either parent claim the $2000 child tax credit, or it has to be the parent with the lower income?
First of all, the CTC is $1000, not $2000.





The parent who claims the child gets the CTC for the child.Can either parent claim the $2000 child tax credit, or it has to be the parent with the lower income?
There is no $2000 child tax credit.





There is a $1000 child tax credit and that goes on the tax return of the parent who claimed the child.





There is EIC for a qualifying child and that goes on the tax return of the parent who claimed the child--unless the parents are separated and then the custodial parent keeps EIC and the non-custodial claims the child tax credit but only if the custodial parent agrees to give them a signed form 8332.
It is the parent who claims the child as a dependent on their tax return.

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