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Income eligibility guidelines for 2007 tax year are: * Families with one child ($33,241 single parent) * Families with one child ($35,241married filing jointly) * Families with two or more children ($37,783 single parent) * Families with two or more children ($39,783 married filing jointly) * Single workers without children ($12,590) * Married workers without children ($14,590) * Investment Income Limit: $2,900 or less
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Are you eligible for earn income credit if your child was born on septemmber 01 2009?
Yes. If you child is born during the tax year 2009 you are eligible for the earned income credit. However, you must meet the other requirements of the earned income credit.
Do you get earned income for babies?
Only when you qualify for the earned income tax credit and have some amount of the qualifying earned income funds that you worked for and you complete your 1040 federal income tax return completely and correctly will you know how much of the EITC you might qualify for with a qualifying child that was born before the end of the tax year.
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.
Can you receive child tax credit if you did not work?
No. You have to have qualified earned income worked for. Self employment income that you worked for.
Can I claim earned income credit for my child while the other parent claims him as a dependent?
i think you can
Can you deduct the amount of money you pay for child support from your earned income?
not for tax purposes
Can Earned Income Credit money from income tax returns be taken to pay child support arrearages Or is the EIC money considered safe from garnishment?
NO earned income credit is not safe from garnishment. It is the same as taking money out of your paycheck, if you owe, they remove funds from your account.
What would be the differences of tax refund for a single parent with 1 child to a married couple with no children?
Big difference. If you have a child under the age of 16 you get a 1000.00 child tax credit. Depending on the income if you fall below the 25,000 income and have a child you will also get an earned income credit which you only get if you have a child living with you. Hope this helps.
Is the child tax credit a refundable credit?
It can be. The Child Tax Credit is 2 parts. The first is non-refundable and can only reduce the tax to $0. If the full amount of the credit (generally $1000 a qualifying child) is not used, it becomes the Additional Child Tax Credit and the amount of refundable credit is calculated on Form 8812. The amount that can be refundable will depend on the wages and other income on the return.
How can someone legally not pay taxes?
If they have tax exempt income for items such as a Roth IRA, then they do not have a tax burden. Also, it possible with low income and tax credits such as the child tax credit, Hope credit, and earned income credit, so have your total income tax reduced to zero.
What does federal exemption mean on state taxes?
Federal exemption is the right to claim a qualifying minor for the child tax credit and child exemption against your income. It may also qualify you for the Earned Income Credit and Head of Household status, IF the child lived with you 51% of the year.
Why do half of tax filers pay no tax?
The simple answer is because they don't make enough income or qualify for refundable tax credits, such as earned income tax credit or additional child tax credit.
