What is a qualifying child for tax purposes?

A qualifying child for tax purposes refers to a child who meets specific eligibility criteria set by the IRS to determine eligibility for various tax benefits, such as the Child Tax Credit or the Earned Income Tax Credit. To be considered a qualifying child, the individual must meet a combination of criteria, including age, relationship to the taxpayer, residency, and support tests.

The specific requirements generally state that the child must be under the age of 19 at the end of the year, or under 24 if a full-time student, and must live with the taxpayer for more than half of the year, among other stipulations. This definition is crucial because it establishes the pathway for taxpayers to claim associated credits and deductions that can significantly reduce tax liability.

Understanding these eligibility criteria is vital for tax preparation and planning, as having a qualifying child can lead to substantial financial benefits for the taxpayer.