2006-12-26 07:34:41 · 5 answers · asked by shay e 1 in Business & Finance ➔ Taxes ➔ United States
So far I don't see any answers that are worth the time to read. Confining my answer to Federal income tax, the personal exemption for the 2006 tax year is $3,300. You claim 1 exemption for yourself, your spouse if you file a joint return, ans each dependent. Each child should count as a dependent. This reduces your taxable income. Someone mentioned the Child Tax Credit. The maximum about of this credit is $1000 per child. Depending on your income, you may not be able to claim the full amount. The earned income credit was also mentioned. Depending on income and the number of children, it can range from $2 to $4,563. Based on the information you supplied, there is no way to guess if you are eligible for ANY credits.
2006-12-26 09:44:01 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
Federal or State? Check yiour instruction book that came with the forms.
2006-12-26 15:39:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's $1000.00 per child If you are very low income be sure and file for earned income credit.
2006-12-26 15:43:42 · answer #3 · answered by moveandlose 3 · 0⤊ 2⤋
1,000 per child but it starts getting lower if your income goes over 75,000 single or 110,000 joint.
2006-12-26 15:38:47 · answer #4 · answered by spicertax 5 · 0⤊ 2⤋
u get 4000.00 for the 1st2 kids
2006-12-26 15:41:34 · answer #5 · answered by Anonymous · 0⤊ 2⤋