The Federal Tax Credits Blog

Posts Tagged ‘tax credit eligibility’

First Time Home Buyer Tax Credit in Connecticut

Senate Session 2011-02-01 (15:28:10-16:33:05)

Question: Do I qualify for the extra $300 for each child from the stimulus package?

OK so I have read all the info and it says To qualify, a child must be eligible under the child tax credit and have a valid Social Security Number. So does that mean that if I didn’t receive the child tax credit then i won’t get the extra $300 for each kid or does it mean that the child has to meet the same eligibility as they would for the child tax credit. My kids meet the eligibility guidelines but we never get the credit we always get the additional child tax credit.

Answer: The following provides exceptions on dependents. If that remains as the only exemptions then you should qualify.

Will I get more for my child?
In many cases, there is a rebate bonus for children. But not for all kids.

For rebate purposes, a qualifying child is one who is younger than 17. That means that taxpayers who claim an older college student as a dependent won’t get the extra money.

Neither will college kids themselves be happy. The rebate bill specifically makes dependents, or even those who could be claimed as a dependent, ineligible for the rebate. So students who can be claimed by parents won’t get rebates even if they held jobs outside class that otherwise would have qualified them for the money.

“The kid may have $3,000 in income, but his parents are paying much more for his college expenses so he’s a dependent,” says Bob D. Scharin, RIA senior tax analyst form Thomson Tax & Accounting. “It does seem unfair that the child can’t claim the rebate.”

Chamber news

The Alabama Gulf Coast Area Chamber of Commerce Catch the Island Spirit Committee presented its April award to Candice Hughes Carraway with the city of Gulf Shores. Carraway works with the Adult Activity Center and the Erie Meyer Center,…

Help for Grandparents Raising Grandchildren

2011 Tax Season: ‘Larger and more lucrative’

WASHINGTON—As any parent knows, the pitter patter of little feet—and bigger ones too—can be a drain on the wallet. But when it comes to taxes, your children can mean extra deductions and credits.

JCCC Board of Trustees 5-21-2009

Question: Grad school financial aid eligibility?

I’m about to graduate with my undergraduate degree, and thankfully my parents have paid all $150,000 of my tuition this far. Unfortunatley, that is it, and I will be responsible for any future educational costs. I’m 21 years old, and working part-time as I finish my degree. My plan is to begin full-time employment this summer with expected earnings of around $50,000/year. This is obviously no where near enough to cover tuition.

My question is, if my parents stop claiming me on their taxes, will I be eligible for financial aid on my own? My parents make too much money, so using them will squash any financial aid awards. Also, my credit is horrible. If I get loans, I will need my dad to cosign, and I’m afraid that will cause his finances to dictate what type of financial aid package is extended.

Answer: If you are a graduate student, you do not have to report parental income on your FAFSA. Usually stafford loans do not require cosigners.

Fitch Rates Fort Wayne Air Trade Center Bldg Corp., IN’s Taxable First Mtge Rfdg Bonds ‘AA+’

Fitch Ratings assigns an ‘AA+’ rating to the following Fort Wayne International Airport Air Trade Center Building Corporation, Indiana obligation:

Health Reform: What Employers Should Know for Now and for the Future – Part 1