I'm trying to get a rough estimate for my taxes before I get them done.
2007-03-01 03:23:22 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Maximum credit is $1000 per child, but you only get that if your tax liability is that high - it can only reduce your tax liability to zero. If for example your tax liability was $1002 and you have two eligible kids, your total credit would be $1002.
Other credits, or AGI above $110K on a joint return, less for other filing statuses, can reduce your credit.
2007-03-01 10:14:05 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
The Child Tax Credit is $1,000. It's not refundable, so if you have a lower tax liability you may not receive all of it.
Each dependency exemption reduces your taxable income by $3,300. The tax impact of that varies based on your tax bracket. It can be worth anything from $0 to $1,155 for 2006.
2007-03-01 11:40:29 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The maximum you can receive per child under the age of 17 on December 31, 2006 is $1000. This is a refundable credit. Here's the details on this credit: http://www.irs.gov/publications/p972/ar02.html
2007-03-01 11:29:54 · answer #3 · answered by peachygurl86 2 · 0⤊ 2⤋
I believe it's $1000 per child
2007-03-01 11:28:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It is $1000 per child you list as a dependent.
2007-03-01 11:30:30 · answer #5 · answered by Kerry 7 · 0⤊ 0⤋