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Claim These 5 Child Tax Credits for 2014 If you are a parent it is not uncommon to want to get as much money back in your tax refund as legally possible. This includes claiming as many tax credits for your children as you are eligible for. The good news is there are a lot of them available so you can take a breath. You should be able to qualify for some of the child tax credits available and in this article we are going to provide you with five that you may have not known about to help give you a head start. Child Tax Credit The Child Tax Credit is the basic child tax credit. Parents who have children under the age of 17 and provide them with more than half of their support qualify for this credit. However, the child must reside with the parent for more than six months to be eligible to be the parents dependent. Child and Dependent Care Credit This is the second most claimed child tax credit. This credit is available to those who have spent money on child care for their children/dependent when they went to work or school. This credit allows up to $3,000 for one child and up to $6,000 for two children. Earned Income Tax Credit If you have a child you more than likely could use some extra money and this is the credit that can help you out. If you earn under a certain amount you are eligible to claim the Earned Income Tax Credit. Additionally, the more children you have the higher salary cap there is. For example, if you have two children you have to have made less than $45,373 (married) or if you have three kids $48,363 (married). Adoption Credit Adopting a child is a very expensive process. The good news is that you can claim a lot of the expenses when you file taxes. All you have to do is fill out the Form 8839 (The Qualified Adoption Expenses Form). Student Loan Interest Another expensive process that comes along with having kids is putting them through college. If you are paying for your child’s college expenses (student loans) you are paying interest that is constantly increasing as well. The good news is all of the interest that you are paying can be claimed when you file taxes. Overall, kids can be very expense. However, the government fully understands this which is why they have child tax credits to help make raising kids a little less expensive. How TurboTax Can Help TurboTax works like an interview—we ask you easy-to-answer questions about your life (Are you married? Do you have kids?) and fill in all the right tax forms behind the scenes. Your answers tell us which deductions and tax credits to look for, and what to ask next. If you're ever unsure about how to answer a question, we have experts ready to help. You'll get step-by-step instructions through your taxes, expert help when you need it and every deduction and credit that applies to you. We make sure you get the biggest refund possible. Try the Free tax refund calculator to see your how much money you will be getting back. Find out more about : Child Tax Credit
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