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Child Tax Credit (CTC)

A federal tax benefit that reduces the amount of income tax a family owes, or provides a cash refund if the credit is more than the tax owed, for families with qualifying children.

Refundable Portion (Additional Child Tax Credit)

The part of the Child Tax Credit that a family can receive as a cash payment from the government, even if they owe no federal income tax or if the credit amount exceeds their tax liability.

Internal Revenue Code of 1986

The main body of federal tax laws in the United States, which the Internal Revenue Service (IRS) enforces.

Taxable Year

The annual accounting period used for computing and paying taxes, typically the calendar year (January 1 to December 31) for individuals.

Section 933 (of the Internal Revenue Code)

A specific part of U.S. tax law that allows bona fide residents of Puerto Rico to exclude income earned from sources within Puerto Rico from their gross income for U.S. federal income tax purposes.

Social Security Taxes

Payroll taxes (FICA taxes) collected by the federal government from wages and self-employment income to fund Social Security and Medicare benefits.