Video: What is the Child Tax Credit?

Video transcript:

ezAngel: Hey Rishi, long time no see!!

Rishi: It’s been a long time indeed. I’m married now with two kids.Life is expensive these days!

ezAngel: Did you say expensive? Well, do you know about the Child Tax Credit?

Rishi: No, please tell me more.

ezAngel: When you file your IRS Form 1040 you could be eligible for the Child Tax Credit.

Rishi: WOW! I didn’t know that.How much is this credit?

ezAngel: How old are your children?

Rishi: They are 9 and 11

ezAngel: Most families will receive the full amount: $2,000 for each child aged 16 or younger.

Rishi: How do I qualify?

ezAngel: To qualify, each child must be your own child, stepchild, eligible foster child, sibling, or a descendant of one of them.

Rishi: Okay, we passed that test.

ezAngel: Do your kids have their own social security number?

Rishi: Of course, they were born in the USA and are U.S. citizens.

ezAngel: Did they pay for less than half of their own support?

Rishi: My kids are 11 and 9, hello? no!

ezAngel: One last question for you… To qualify, because you’re married, your adjusted gross income must be less than $400,000.

Rishi: We make way less than that.

ezAngel: Good.If you were any other type of filer such as single or head of household, the cut off would be $200,000.

Rishi: It was nice learning about the Child Tax Credit but… Do you think I qualify for the extra $4,000 in my IRS refund?

ezAngel: YES!!

Rishi: Where did you learn about the Child Tax Credit?

ezAngel: At – Where I always file my taxes.

Are you ready to start your return?