How to determine who qualifies for the tax credit
Here’s how to determine which of your kids will qualify you for the credit:
What if the credit exceeds my tax liability?
For tax years prior to 2018:
The Child Tax Credit is nonrefundable; if your credit exceeds your tax liability, your tax bill is reduced to zero and any remaining unused credit is lost. However, you may be able to claim a refundable Additional Child Tax Credit for the unused balance. You can find out if you’re eligible for this refundable credit by completing the worksheet in IRS Form 8812.
For tax years after 2017:
The new Child Tax Credit is worth up to $2,000 per qualifying child with a refundable amount of up to $1,400 per qualifying child. The phaseout for the credit begins at $200,000 ($400,000 for joint filers).
Visit us to find out more
I hope you’ve found this article on the Foreign Earned Income Exclusion for 2018 to be helpful. For more information on any expat tax concerns please log into our webpage: www.lagattatax.com, contact me at
Cover photo: Flickr
YOU MIGHT ALSO LIKE
We help you find yourself in Peru. Since 2003, we have led the way as an authoritative and reliable English-language resource for those interested in traveling, living, working, and investing in Peru. We are a team of dedicated individuals who are passionate about delivering reliable and unbiased content and providing amazing experiences for people visiting Peru.