The Federal Tax Credits Blog

Archive for the ‘Additional Child Tax Credits’ Category

Question: How much will my stimulus payment be? All tax info is included. Need help with IRS calculator?

I don’t get the online calculator because I didn’t use any of the IRS forms, I filed online through HR Block. My main question is the about the amount of child tax credit that it asks you to enter. Is that the initial child tax credit or that plus the additional child tax credit combined? That makes a 600 dollar difference in the amount the calculator tells me I am going to receive. child tax credit is 383 and the additional child tax credit is 1617. I am not sure which one they are asking for. All of my info is below, please let me know which amount I am to enter and how much that means I’ll get back if possible. My spouse did not work in 07 and I have 2 dependents. Thanks for your help.

Total income: 28,144
AGI: 28,144
Standard deductions: 10,700
Total Deductions: 24,300
Exemptions: 13,600
Taxable income: 3,844
Income Tax/ Tax Before Credits: 383
child tax credit: 383
Federal Withholding: 102
EIC: 2,455
Additional child tax credit: 1,617
Total Payments: 4,174

Answer: Your rebate will be $383 plus $300 for child.
The rebate payment is equal the amount of tax liability on the return (tax liability on the return Form 1040 line 46 or Form 1040A line 28) with a minimum amount of $300 and a maximum amount of $600 for individuals.
For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/04/list-of-articles.html

Additional child tax credit Amount for 2009, 2010.mov

Question: can we claim sons girlfriends 2 kids who live with us for the child tax credit?

am filing joint with husband. We totally supported son, his girlfriend and their 1yr old baby , and also son’s girlfriends 2 boys from a previous marriage. We all lived together for 2009-my husband was the only employed in the house. irs said we can claim all 7 exemption, and our grandson qualifies for the child tax credit, but I don’t remember if they said that the other 2 boys qualified for the child tax credit. They did mention something about the additional child tax credit and said to fill out form 8812( I believe)
My sons girlfriend and her ex are not filing a return at all. They are not required to. Can we take the child tax credit for the boys too. Thank-you for your response.
Thank-you you guys for the great info.
everyone gave good answers, it was hard to choose best answer. I really felt that all the answers I recieved contributed to helping me figure this out.
so thanks.

Answer: Your son’s son can be claimed as grandchild, as per IRS he is entitled to EIC due to the relationship,
Your son’s girlfriend son, can be claimed as dependent if you supported him most of the year, but will not give you the EIC
Your son’s girl friend can be claimed as dependents too. I am sure she can not give any credit.
But having more numbers of exemptions in your return will reduce your taxable income, thus make your tax better. Non relatives will not give you EIC nor additional child tax credit.

A qualifying child is a child who is your…

Son, daughter, stepchild, foster child, brother, sister,
stepbrother, stepsister, or a descendant of any of them
(for example, your grandchild, niece, or nephew)

Help available for tax preparation

It’s tax season again, and between family, work and crazy schedules, it might be difficult to get them done on your own this year. But getting assistance from an accountant can often be too costly. Fortunately, local residents can get free help with tax preparation.

The American Recovery and Reinvestment Act of 2009

If you are planning on attending an institute of higher education in the future, there is some good news for your wallet. Now that Congress has passed the American Recovery and Reinvestment Act of 2009, getting that education may bit a bit easier.

Student Loan Interest

The good news is that many folks who in the past were unable to take advantage of this tax break can now do so thanks to more relaxed rules concerning the deduction of student loan interest. You can write off up to $2,500 of annual college loan interest charges if you qualify. The bad news is that if your modified AGI is too high, the break is phased out. The 2009 phase-out range for unmarried taxpayers is between modified AGI of $60,000 and $75,000, the range is between modified AGI of $120,000 and $150,000 for joint filers.

Hope Scholarship Credit

For 2009, the Hope Scholarship credit amounts to 100% of the first $1,200 of a college student’s annual tuition and fees (no room and board costs) plus 50% of the next $1,200. So the maximum Hope credit is $1,800 per qualifying student. But here’s the rub: The Hope credit can be claimed for only two tax years for any one student. It’s unavailable after the student has logged two years’ worth of academic hours. Also, the Hope credit is allowed only when the student carries at least half of a full-time load for at least one academic period beginning in the year the credit is claimed.

Lifetime Learning Tax Credits

The Lifetime Learning credit is less restrictive. It’s mainly intended to help defray college costs after the first two years, when the Hope credit is no longer allowed. The Lifetime credit is available for an unlimited number of years and without any requirement to carry a certain course load. Graduate courses are cool. So are random classes not intended to lead to any sort of degree, such as professional training seminars and courses to update your software skills. The credit equals 20% of tuition and fees up to $10,000, for a maximum annual credit of $2,000.

Qualifying expenses for both the Hope and Lifetime credits include post-secondary tuition and fees for you, your spouse, and any other person claimed as a dependent on your tax return.

For 2009, both credits are phased out between adjusted gross income of $100,000 and $120,000 for joint filers; $50,000-$60,000 for unmarried taxpayers. You’re completely ineligible if you’re married and file separately from your spouse.

Top ten stories of 2009

In an upshot, if 2009 made us all a little poorer, it also made us all cleaner and more hygiene-oriented. It brought heartaches, joy and astonishment to Highlands County residents. It also brought closure to the family of a Florida Highway Patrol trooper ruthlessly killed while on duty. The economy continued to roil; residents endured not one but three anthrax hoaxes; ordinary residents prodded …

child tax credit Worksheet and Calculator for 2009, 2010.mov

Question: Figuring out the Additional child tax credit?

I calculated to worksheet and basically it said I do not qualify for the additional child tax credit. Then I used the H&R Block Estimate Calculator and it provided a refund amount in that area.
What qualified someone to get the additional child tax credit?
Thanks.

Answer: You sometimes run into a problem if your second child qualifies, but can be claimed on someone else’s tax return (like an ex) – most of the tax software doesn’t always get it right.

The estimate calculator is only that, an estimate – all of the deep tax logic isn’t built into the software.

If you don’t get it on the worksheet, then you most likely don’t get it. But if you buy turbo tax and it says you don’t get it, don’t believe them – do the worksheet.

School vaccinations.HR 2596. And School Fencing; coincidence?

When there is a divorce or paternity case, the support to the given to the child or children by the parents is the most important issue. The main issues that are decided are the amount of money that the non residential parent will pay for the child support, which is decided after the custody, property division, and alimony that has awarded. In Florida, child support is decided on the ratio of the combined incomes of the parents which means the more both of you earn, the more both of you have to pay.

After careful hearing of both the parties, the court may order either parent to pay child support during and after the dissolution of the marriage proceeding in an equitable amount, which is based on the nature and circumstances of the case. Florida child support is typically calculated by using a Child Support Worksheet (the formula is called the “Child Support Guidelines which takes into account both parents’ income). The worksheet is used to generate an appropriate Florida child support obligation that has to be borne in accordance to both the spouse’s income and also taking into consideration other factors such as taxes to be paid, health insurance premium to be paid and other obligatory expenses.

Using figures arrived at after the calculation and taking this amount at the baseline, the judge can deviate up or down by 5 percent without any findings or more than 5 percent after making specific findings to justify the deviation. This means that additional support may be awarded if the child is already attending private school tuition or has a serious medical condition. The judge may also appoint a guardian to help manage the child’s financial interests generally through a trust fund if the paying parent has a very income and the amount of the support greatly exceeds the needs of the child. This is done mostly by trust funds.

A parent in Florida has to pay the money for child support and he or she cannot waive the child support under any circumstances. Just because both the parents have equal visitation or custody schedule and rights it does not mean that neither party will pay child support. Child Support Guidelines is compulsory and will always have to be calculated in all case s involving children. Due to the strict guidelines and rules the judge cannot deviate from the child support amount that has been calculated in accordance to the guidelines.

Germany Seeks 50 Billion Euro Economic Boost