For the purpose of qualifying for the Child Tax Credit, which aspect is essential?

To qualify for the Child Tax Credit, the aspect of support is essential because the credit is designed to provide financial assistance for the child’s upbringing. The IRS requires that the taxpayer claiming the credit must have provided more than half of the child's financial support during the tax year. This means that to claim the credit, you need to demonstrate that you have contributed substantially to the financial needs of the child.

While residence, age, and income are indeed important factors in determining eligibility, they are not the primary requirements that underpin the credit. For instance, the child must reside with the taxpayer for more than half the year, and the child must be under a certain age at the end of the tax year. Similarly, income considerations can affect the amount of the credit but do not impact the basic eligibility requirements as significantly as the aspect of support does. Therefore, establishing that you have provided the necessary support is crucial for qualifying for the Child Tax Credit.