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re: Explain the child tax credit to me
Posted on 2/2/15 at 12:19 pm to TDsngumbo
Posted on 2/2/15 at 12:19 pm to TDsngumbo
quote:
It's $1,000, correct?
Yes, $1,000 per child. With certain income limitations. It starts to phase out at $100,000-MFJ & $75,000-Single.
quote:
Also, this means that if I owe $500 in federal taxes, then I should receive $500 instead of owing anything, right?
It's a tax credit, not a tax deduction, right?
Yes, & yes.
quote:
Also, this is for each child under 18, right?
See the rules for a "qualifying child" below:
-Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew),
-Was under age 17 at the end of 2014,
-Did not provide over half of his or her own support for 2014,
-Lived with you for more than half of 2014 (see Exceptions to time lived with you , later),
-Is claimed as a dependent on your return,
-Does not file a joint return for the year (or files it only to claim a refund of withheld income tax or estimated tax paid), and
-Was a U.S. citizen, a U.S. national, or a U.S. resident alien. For more information, see Publication 519, U.S. Tax Guide for Aliens. If the child was adopted, see Adopted child , later.
Posted on 2/2/15 at 12:44 pm to Spock
Is it refundable or nonrefundable? Been out of the game for a while, but I think that is the terminology. I thought it was nonrefundable, which means it can only reduce your tax to 0.
Posted on 2/2/15 at 4:02 pm to Spock
quote:
Yes, $1,000 per child.
Cool
quote:
With certain income limitations. It starts to phase out at $100,000-MFJ & $75,000-Single.
frick
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