2007-01-25 03:23:52 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Each exemption is $3300. The Child Tax Credit is $1000 per child. It's not figured on percentage of income or EIC. This credit is used to reduce your tax liablity. If you have no tax, you don't qualify to get this credit.
Although you may not qualify to get the child tax credit, you still can get the EIC. The EIC maxes out for 2 or more children.
Check your 1040 tax booklet or IRS.gov for more information.
2007-01-25 05:34:06 · answer #1 · answered by Celeste 6 · 0⤊ 0⤋
Each exemption reduces your taxable income by $3,300. The impact that that has on you depends upon your tax bracket.
2007-01-25 11:29:25 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The cut off is 1000.00 per child for the child tax cerdit. but its based on a percentage of what you earned and if you get earned income.
2007-01-25 11:29:48 · answer #3 · answered by Dizzy 2 · 0⤊ 0⤋