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For the 2009 tax year, you are allowed an exemption of $3,650 for each qualifying child that meets the guidelines as a dependent. There are six tests that must be met for a child to be your qualifying child.
The six tests are:
1. Relationship,
2. Age,
3. Residency,
4. Support,
5. Joint return, and
6. Special test for qualifying child of more than one person.
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Is earned income tax credit an itemized deduction?
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
How much do you get back on taxes for claiming another person?
An individual claiming another individual as a dependent on their taxes will receive a tax deduction of $3300. The amount that the individual will get back as a tax refund will be dependent upon the income of the taxpayer.
How much tax dedution can you deduct for each dependent?
For each qualified dependent you may claim an exemption of $3,650.
What percentage rate do we pay on taxes?
The tax rates paid for individuals in the United States ranges from 10% to 39.6% for federal income taxes. This rate is multiplied by your taxable income. You taxable income is after you deduction your exemptions for each dependent in your household and your self, then you deduct either your itemized deduction or standard deduction. This gives you your tax due. There are also several credits that can further reduce your overall tax, then you reduce it further by applying your withholding taxes that you paid into the system during the tax year. After this, you may have to pay more or you may get a refund if you paid more than was due.
Can you get a tax deduction for disable adult child that you support?
Any person who is financial dependent upon you qualifies as a dependent.
Is earned income tax credit an itemized deduction?
No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
How much do you get on your taxes for a new born?
You get t claim them as a dependent. Like any deduction (that is what a dependent is), the amount the deduction turns out to be be worth depends on your own personal tax situation and your own effectve rate. As a rule of thumb, @$750 in lowered tax.
Who can file a child on there taxes if the parents was never marriage but both have joint custody who can file?
In general, the custodial parent claims the child for tax purposes. If the court does not make any orders about the tax deduction, then the custodial parent automatically claims the child as a dependent for tax purposes. The IRS income tax rules say that the parent having custody for the greater portion of the calendar year receives the deduction. If the custody time is equal, parents can switch each year who gets the deduction.
How much do you get back on taxes for claiming another person?
An individual claiming another individual as a dependent on their taxes will receive a tax deduction of $3300. The amount that the individual will get back as a tax refund will be dependent upon the income of the taxpayer.
Is a rainbow vacuum a medical tax deduction?
No, a rainbow vacuum is not a medical tax deduction.
Is child support a pre tax deduction?
Method of making payment makes no difference...check or deduction or whatever. It is not a deductible payment or deduction on return. Paying for your children is done with after tax $s, however, they may be a dependent and provide a deduction that way.
How much tax dedution can you deduct for each dependent?
For each qualified dependent you may claim an exemption of $3,650.
What percentage rate do we pay on taxes?
The tax rates paid for individuals in the United States ranges from 10% to 39.6% for federal income taxes. This rate is multiplied by your taxable income. You taxable income is after you deduction your exemptions for each dependent in your household and your self, then you deduct either your itemized deduction or standard deduction. This gives you your tax due. There are also several credits that can further reduce your overall tax, then you reduce it further by applying your withholding taxes that you paid into the system during the tax year. After this, you may have to pay more or you may get a refund if you paid more than was due.
If you file three dependents on income tax how much money are you eligible to get for each dependent?
The "standard deduction" is $5150 per person. That is the amount you reduce taxable income by...the amount that saves you depends on your own personal tax situation and rate you would pay. It's entirely possible, especially if you don't make much or have lots of other dedcutions, that a (or an additional) deduction makes no change.
Can you use an Elderly person as a tax deduction if they are living in your house?
In most cases, you cannot claim an elderly person living in your house as a tax deduction. However, you may be able to claim them as a dependent if they meet certain criteria, such as having limited income and you providing more than half of their financial support. It is recommended to consult with a tax professional for specific advice.
