Irs Tax Credits For 2008
July 20th, 2010
Question: Can IRS increase taxes by changing tax form calculations without passing tax law changes in Congress?
IRS form1040 line 51 child tax credit reduced 2009 vs 2008 for AGI over $110K for couples and $75K for singles by 5%. Reducing $1000 tax credit = tax INCREASE. Ex: jt AGI of $123K = 65% reduction in $1000 child tax credit to $350= $650 tax increase. Not highlighted in tax form booklet under “What’s new for 2009.” In 2008, full $1000 child tax credit unless more than you tax.
Answer: Check form 8812 Additional child tax credit. To see if you qualify for the remainder of the amount.
Phase out or reductions in 2008 were $110,000 for MFJ and 75,000 for Single, or HOH
same for 2007 and 2006. According to the Publication 17 for each of those years. This hasn’t changed.
Poor, elderly get short end of tax relief bill; unemployment extension proposal scaled back
WASHINGTON (MCT) — As the Senate scrambles to scale back a $140 billion recession relief bill, the poor, the elderly and the unemployed are bearing the brunt of the squeeze. But NASCAR track developers, movie producers and other special interests are likely to escape unscathed.
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Community Tax Center 2008
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