Also, do you have to be married in order to receive these advantages?
2007-07-05 05:24:07 · 3 answers · asked by e_grabin 1 in Business & Finance ➔ Taxes ➔ United States
You get an additional exemption, currently $3,400 for 2007, that reduces your taxable income. The child must live with you for more than half of the year and you must pay more than half of the child's support to get the exemption.
You do not need to be married. If you are not married and the child lives with you in a home that you provide and pay more than half of the cost of maintaining you can change your filing status to Head of Household. This will further reduce your tax burden.
Depending upon your income and how many children you have, you may be eligible for several tax credits including the Earned Income Tax Credit, the Child Tax Credit, and the Additional Child Tax Credit. Credits reduce your tax liability dollar for dollar. Some of them are even refundable which means that they can not only reduce your tax liability to zero, but any negative amount will be refunded to you. The Earned Income Tax Credit and the Additional Child Tax Credit are both refundable. The Child Tax Credit is not.
2007-07-05 05:47:41 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
one deduction. more expenses than decuctions for kids.
2007-07-09 00:35:27 · answer #2 · answered by K M 4 · 0⤊ 0⤋
no you dont have to be married.
the yr your child is born you get an automatic 2,000 after that it should be a bit higher.
2007-07-05 12:31:52 · answer #3 · answered by Angie 3 · 0⤊ 3⤋