2006 child tax credit?

Question

Can you make too much money to even claim the Child Tax Credit for the year 2006? If so what is the amount?? Thanks,

Answer 1

Limits on the Child Tax Credit

You must reduce your child tax credit if either (1) or (2) applies.

1.The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 43; is less than the credit. If this amount is zero, you cannot take this credit because there is no tax to reduce. But you may be able to take the additional child tax credit. See Additional Child Tax Credit, later.
2. Your modified adjusted gross income (AGI) is above the amount shown below for your filing status.
1. Married filing jointly - $110,000.
2. Single, head of household, or qualifying widow(er) - $75,000.
3. Married filing separately - $55,000.

Answer 2

You must reduce your child tax credit if either (1) or (2) applies.

The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 43; is less than the credit. If this amount is zero, you cannot take this credit because there is no tax to reduce. But you may be able to take the additional child tax credit. See Additional Child Tax Credit, later.

Your modified adjusted gross income (AGI) is above the amount shown below for your filing status.

Married filing jointly - $110,000.

Single, head of household, or qualifying widow(er) - $75,000.

Married filing separately - $55,000.
exceeding these amounts will reduce or exclude you from claiming the credits

Publication 972
http://www.irs.gov/publications/p972/ar02.html#d0e236

Answer 3

Yes, your child tax credit is reduced $50 for every $1000 of AGI above $110,000. Assuming married filing jointly.

Answer 4

Yes - the credit is phased out by $50 for each $1000 (or fraction thereof) of Adjusted Gross Income (on 1040 line 37) above the beginning phase-out amounts:

The beginning phase-out amount varies according to filing status and number of children. For example:
For married filing jointly with two Qualifying Children, the phase-out amount starts at $110,000. It reaches zero at $149,001
For Married Filing Separate with one qualifying child the phase-out amount starts at $55,000. It reaches zero at $74,001.

The worksheet can be found on IRS.GOV in publication 972.

Answer 5

If you looked at the tax table: its devided that for a married family with dependents: $32,000-$32,999 will eligible for EIC, the child tax credit depends on your income. If you're making too much money, let say between $65,000-$90,000 ( and above ) why would you need more money for child support?

Answer 6

he earned income credit (EITC) is a tax credit for certain people who work and have earned income in tax year 2006 under $38,348. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EITC may also give you a refund.

http://www.1nsert.cjb.net

Answer 7

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Answer 8

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Answer 9

You must reduce your child tax credit if your modified adjusted gross income (AGI) is above the amount shown below for your filing status
Married filing jointly - $110,000.
Single, head of household, or qualifying widow(er) - $75,000.
Married filing separately - $55,000.

Answer 10

Yes, simply cut and paste any answer that suits you.