Tax Credit Allocation
March 10th, 2008
Question: Injured Spouse Allocation, can tax credits for children be allocated to a spouse with no income?
My wife and I file jointly and our refund is being taken for offset. I owe money towards a federal student loan but would have a nice tax return because of the earned income credit and the child tax credit. Can the child tax credit be allocated to my wife on form 8379? I understand the income credit being tied to my income, but is the child tax credit tied to me as well?
Answer: all of the credits are tied to the income…and all of the income is yours so there is no reason/need to file for injured spouse/innocent spouse relief because she has no income to apply the relief to
Nevada Denied Money in Small Business Program
Billions of federal dollars have just been awarded to help low income communities across the nation. The New Markets Tax Credit program helps people start small businesses or keep their existing business afloat, but the lone Nevada request was turned down.
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AMT credits allocated in a consolidated group. (alternative minimum tax): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 1994. The length of the article is 1694 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: T… |
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Final regs. on partnership allocations of CFTEs.(creditable foreign tax expenditures): An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on January 1, 2007. The length of the article is 5183 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Final regs…. |
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TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH… |
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