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How much does your gross income have to be to get the child's tax credit and does unemployment count as gross income?
Wiki User
∙ 14y ago
The Child Tax Credit is $1,000 for each of your dependent children that you are claiming that are 16 or younger. It doesn't have anything to do with gross income. This credit is nonrefundable, so it can only reduce your tax to zero. If your tax is less than this credit (see worksheet in IRS instructions), you will only claim enough of the credit to reduce your tax to zero & you may qualify for the Additional Child Tax Credit.
The Additional Child Tax Credit is refundable (you can get money back if it's more than your taxes). It can be affected by your income. If the Child Tax Credit worksheet directs you to this credit, use IRS Form 8812 & instructions to see how much to claim.
The total claimed on the line for Child Tax Credit & Additional Child Tax Credit cannot be more than $1,000 for each dependent child age 16 or younger.
Yes, unemployment is part of gross income. However, it is not earned income.
Wiki User
∙ 14y ago
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Does Medicaid count a credit card as income if you are in a nursing home?
No it is not income.
Does unemployment compensation wages affect earned income credit on your taxes?
Yes, it can. However, it cannot help you, only hurt you. First of all, for 2009, the first $2,400 of unemployment compensation is not taxable, so it doesn't affect your taxes in any way. Above $2,400, it is taxable and increases your AGI (adjusted gross income). The earned income credit (EIC) phases in at 40% of earned income until it reaches the maximum credit. (See the IRS link below for specific amounts.) Unemployment compensation does not count as earned income, so it does not increase your credit. After you max out the credit, it starts to phase out as your income increases. The income amount used here the greater of your earned income or your AGI. Therefore, if your AGI is made up only of earned income and unemployment compensation, your EIC will be reduced because of your unemployment compensation. There are many other items than can increase or decrease your AGI, including interest income, IRA contributions or withdrawals, student loan interest, and many more. So you could potentially offset the unemployment compensation with other deductions from AGI, such as contributing to an IRA. (Of course, you probably don't have the cash for that if you're collecting unemployment.) Here is a link to the EIC figures for 2009 (at the bottom of the page): http://www.irs.gov/individuals/article/0,,id=150513,00.html ***** Unemployment does NOT count towards your EIC because it is not EARNED. Your UC is applicable to federal taxes only. The IRS EIC calculator takes UC into consideration although it is not correct.
Can you get unemployment in New Jersey if not working but have a source of other income?
Yes, you can receive unemployment when you have other income. Social Security does not count, but 401K disbursement, pension paid on a monthly basis, or any other income may reduce the amount of unemployment you get by the amount of income you receive. Be sure to report income, as heavy penalties may apply if you don't. Check with the Unemployment Office to find out what qualifies. The Related Link below gives more details.
How much does your gross have to be to get the child's tax credit and does your business count as gross income?
YES! dummy
Does unemployment count as income for a tax return?
Yes. You will receive the 1099 from the State that paid the benefit. You can elect to have withholding made from the payments.
As co-borrowers do both credit scores count?
not always, in most cases whoever makes the most income is the primary borrower on the loan and the co-borrower is usually there for extra income and not their credit score.
Do social security disability income count towards ObamaCare?
Its so hard to get this question answered. Does Disability from Social Security count towards earned income or unearned income when trying to figure out how much credit we would get towards the Obamacare health plan
Does Social Security benefits include unemployment?
Unemployment is income taxable, but does not count for Social Security purposes.No, only earned income (while working) counts toward SS benefits.
Will social security penalize if vacation pay and unemployment put you over the earnings limit?
If vacation you are forced to use and unemployment benefits put a person over the $14,100 yearly earning limit is there a penalty ? Does vacation pay and unemployment count toward yearly income?
Do short-term disability benefits count as income earning by the US department of unemployment?
It is the US Department of Labor, and the states basically determine the terms of qualifying income. In almost all cases only earned income, not government benefits, qualify as income for benefit purposes, so the answer would be No.
Does rental income count against ss income limits?
does rental income count against ss income limits
Can you use federal financial aid as a source of income for a loan?
No, that is getting a loan with a loan. If anything it will count against your credit worthiness.
