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How much do you have to earn in order to receive the child tax credit?
The credit reduces your taxable income by up to $1,000 per qualifying child, so your income must be at least as much as the amount of the credit you claim. Otherwise, there is no income for the credit to reduce. If you make less than the amount of the Child Tax Credit, you may still qualify for the Additional Child Tax Credit.
What child tax credit?
The child tax credit can be used by anyone who has a qualifying child that they provided more than half of their support throughout that tax year. You can earn up to 1,000 dollars per qualifying child.
What is child tax credit?
The child tax credit can be used by anyone who has a qualifying child that they provided more than half of their support throughout that tax year. You can earn up to 1,000 dollars per qualifying child.
Can daycare be used as a tax deduction?
No, taking care of yourself and family are personal expenses paid with after tax money. I agree, but you could be eligible for a child tax credit: A taxpayer who has a dependent child under age 17 probably qualifies for the child tax credit. This credit, which can be as much as $1,000 per eligible child, is in addition to the regular $3,500 exemption claimed for each dependent. A change in the way the credit is figured means that more low- and moderate-income families will qualify for the full credit on their 2008 returns. The child tax credit is not the same as the child care credit. Details on figuring and claiming the child tax credit can be found in IRS Publication 972 (PDF format).
What is the income tax credit for a child?
a credit agency garnished my income tax,is the the child tax credit exempt from the garnishment?
How much does your gross income have to be to get the child's tax credit and does unemployment count as gross income?
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.
Does Florida have a child care tax credit for single moms?
Florida does not have a a child car tax credit for single mothers. There is also not a tax credit at the federal level.
How do you cancel working tax credit but not your child tax credit?
You need to contact your tax office.
What tax credit will reduce the amount of taxes you owe?
Child tax credit
What is the allowed child tax credit on IRS 1040 FORM?
I think you mean the "additional" child tax credit (not "allowed"). Anyway, this page explains both the Child Tax Credit and the Additional Child Tax Credit: http://www.irs.gov/newsroom/article/0,,id=106182,00.html
The Child Tax Credit?
So maybe they won't clean up their room or take out the trash, but your kids can actually help you out come tax time. One popular credit that the IRS allows is the Child Tax Credit. It is a credit offered to families with children who meet certain criteria. The amount of the child tax credit can be up to $1,000 per child. It's important to remember that this is a tax credit, not a deduction. It is so much better than a deduction; the child tax credit represents a dollar-for-dollar reduction in a taxpayer's income tax liability.Households with adjusted gross income (AGI) over certain limits will see a reduction in the child tax credit. These limits in the tax year 2010 are as follows:AGI Limit Filing Status $110,000 Married filing jointly $75,000 Single, head of household or qualifying widow(er) $55,000 Married filing separately In order to claim the child tax credit the child in question generally must be your son, daughter, step-son, step-daughter, or legally adopted child. They also must live in the same residence and be under the age of 17. One other thing to keep in mind if your child is employed; they must not have paid for more than half of their own support during the tax year.In addition to the above tests to qualify for the child tax credit, the child must be a US citizen, a US resident, or a US national.Overall, the child tax credit is certainly not a reason to go out and have more children. It cost so much more than that to raise them, but if you do have kids don't forget about this very useful and money saving credit.For more details on the child tax credit please see IRS publication 972, entitled 'Child Tax Credit'.
What exactly is a child tax used for?
A child tax credit is used to reimburse a parent for the taxes they have to pay when purchasing goods for their child. You can get more information on the child tax credit from the CRA website.
