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How about earned income credit?

2007-01-22 07:23:06 · 2 answers · asked by Yogi M 1 in Business & Finance Taxes United States

2 answers

CHILD TAX CREDIT
If you file a Married Filing Joint return, you can claim the full Child Tax Credit until your adjusted gross income reaches $110,000. The credit then decreases by $50 for every $1,000 (or fraction thereof) you make over $110k.

This means that the credit is completely phased out at the following AGI levels in $20,000 increments:

One Child: $129,001
Two Children: $149,001
Three Children: $169,001


So, if by "family of four" you mean "parents with two children," then you could make up to $149,000 and still get a $50 credit for two children; any more and you lose the credit completely.

EARNED INCOME TAX CREDIT
If we again assume that you have two qualifying children, your earned income and adjusted gross income must be less than $38,348.

2007-01-22 08:09:31 · answer #1 · answered by Anonymous · 0 0

For full credit, married filing jointly - $110,000

EIC - a little over $38,000

2007-01-22 07:29:40 · answer #2 · answered by Judy 7 · 0 0

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