2007-01-27 03:20:20 · 6 answers · asked by steve 2 in Business & Finance ➔ Taxes ➔ United States
in canada you do
2007-01-27 03:24:03 · answer #1 · answered by ken 4 · 0⤊ 1⤋
No! Just having kids in and of itself does not mean you will get any money back. Having children lowers your tax liability but does NOT guarantee a refund.
You get exemptions for your children, that much is true. But if you didn't have enough tax withheld during the year to cover your ultimate tax liability you WILL have to pay when you file your return.
2007-01-27 03:37:35 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not necessarily. If you owe taxes, they'll either be reduced or you'll get money back if you have eligible children. Eligibility can depend on their age, and whether they live with you or not.
Eligible kids can make you eligible for the Earned Income Credit also, if your income is below a certain level - a little over $36,000 if you have one child, a little over $38,000 if you have two or more.
2007-01-27 03:55:33 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Sure. But how much, depends on filing status, income, additional deductions(if any)....
For many Americans that have children, they most likely will qualify for the Child Tax Credit, the Additional Child Tax Credit and the EIC (Earned Income Credit).
Which can add up to a nice chunk of change!
2007-01-27 03:40:20 · answer #4 · answered by Celeste 6 · 0⤊ 0⤋
yes, you get a deduction for each child. It's not all that great though. It isn't a fraction of what it costs to support a kid financially.
2007-01-27 03:25:27 · answer #5 · answered by dgurlsmom 2 · 1⤊ 1⤋
Yes, you do. But don't get excited. Kids cost so much to raise. You'll never make it it.
2007-01-27 03:25:50 · answer #6 · answered by true blue 6 · 1⤊ 1⤋