At-Home Parent Tax Credit

At-Home Parent Tax Credit (Code 01)
An at-home parent may claim a nonrefundable credit of $100 for each child who is not more than 12 months old on the last day of the taxable year for which the credit is claimed. For purposes of this credit an at-home parent includes:

Biological mother or father
Stepmother or stepfather
Adoptive parents
Foster parents
Legal guardian
Individuals in whose home the child is placed by a child-placing agency for the purpose of legal adoption.

To qualify for the credit the following criteria must be met:

The child must be no more than 12 months old on December 31 of the tax year.
The at-home parent must provide full-time care in the at-home parents residence.
The child must be claimed as a dependent by the at-home parent.
The sum of the at-home parent's total wages, tips and compensation listed on federal W-2 forms and the gross income on federal Schedule C, "Profit or Loss from a Business," line 7, must be $3,000 or less for the taxable year.
5. If the at-home parent files a joint return with another taxpayer, the federal adjusted gross income of both taxpayers must be $50,000 or less.
The tax credit is nonrefundable, meaning that any amount of the credit that exceeds the tax due may not be refunded to the taxpayer.

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