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Explain the child tax credit to me
Posted on 2/2/15 at 12:09 pm
Posted on 2/2/15 at 12:09 pm
It's $1,000, correct?
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?
Also, this is for each child under 18, right?
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?
Also, this is for each child under 18, right?
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 1:22 pm to Boss
The general credit is nonrefundable. However, there are provisions for a refundable portion - if you meet the guidelines.
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
Posted on 2/2/15 at 5:18 pm to TDsngumbo
I don't qualify for the tax credit for my two year old.
Posted on 2/2/15 at 8:07 pm to jmtigers
Basically, add 5% to your tax rate starting at the phase out income until your tax credit is gone.
Posted on 2/2/15 at 8:11 pm to 4LSU2
Same here. Once you hit 130k as married filing jointly you get nothing for one child. When you hit 150k you get nothing for having two kids. What's the point? Lol. I thought they were suppose to be a tax advantage.
Posted on 2/2/15 at 10:05 pm to LSUEEAlum
The more money you make, the less YOUR children are worth in the eyes of the IRS. Not that this tax credit really helps offset the 27k I paid in dependent care last year that helped employ people who also paid taxes.
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