Tax Credit Phase Out
May 23rd, 2009
Question: What is the phase out for claiming the child tax credit if married?
I pay an in home person to care for my child.Also EVERY OTHER YR i can claim my oldest from prev. marriage., and pay babysitter for him during the summer.
Answer: You are talking about two different things here. child tax credit is a $1,000 per child tax credit that does have a phase out for income limits, and also stops the year the child turns 17. Dependent care credit (which is what you are referring to here) has maximum of $3,000 for 1 child or $6,000 for 2 or more children. There is no phase out amount for it, but the maximum credit would be 20% of $6,000 for 2 children. There is a sliding scale for the % you can get for a credit that goes from 20% to 35% of the expenses. I’ve attached links to the instructions for the form, and the form itself. The dependent care credit ends the year the child turns 13, but you can take any child care expenses incurred during that year before the child turned 13.
Q&A clears the air about home credits
If you’re in the market for a home, the world is your oyster. Interest rates are at record lows. Housing prices in many parts of the country are still depressed. And you may be eligible for a generous tax break, even if the home you buy isn’t your first.
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SBT phase out; industrial processing exemption expanded.(Michigan’s Single Business Tax): An article from: Leader’s Edge $5.95 This digital document is an article from Leader’s Edge, published by Michigan Association of CPAs on August 1, 1999. The length of the article is 725 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: Gov… |
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