Kentucky Tax Credits
February 15th, 2011
Question: about the tax refund estimation?
me and my wife and 2 kids (7& 10 y old), we made 30k in 2007 from our jobs, no morgtage, nomother source of income, paid 950 in federal tax for both, i just paid 300$ in tution in college, live in kentucky. can anybody help me and tell me roughly how much we will get back in return? and how much is the child credit this year for some one like our family income? thank you
Answer: The person who suggested filling out a 1040EZ obviously doesn’t know much about taxes – on a 1040EZ you couldn’t claim dependents.
You won’t have any tax liability, so you’ll get the entire $950 back that was withheld. You’ll also get an earned income credit of around $2055, which would take your refund a little over $3000.
The child tax credit is up to $1000 per child if you owe that much tax, but you don’t, so you don’t get the full amount. You might be eligible to get up to another $1400 or so for the Additional child tax credit in addition to the above.
Irvin G. Schorsch: Tax Cut Package Provides Relief for Investors
The tax relief act provides some clarity about where tax rates will be — but only for the next two years. We’ll be seeing a replay of the whole process again in 2012.
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About Kentucky 01.21.2011 – Earned Income Tax Credit (EITC)
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