household, with two dependent students, and a full-time college student.
2007-07-24 15:47:35 · 5 answers · asked by jordynorr 1 in Business & Finance ➔ Taxes ➔ United States
*** i meant two dependent children not students
2007-07-24 15:57:44 · update #1
The Earned Income Credit is money paid to you when your income qualifies as sufficiently low and you have qualifying children. With two children and income in the range of $15,000 - $20,000, your EIC can be over $4,000.
The Child Tax Credit is a reduction of taxes you owe in the amount of $1,000 per child. If you do not "use up" all the Child Tax Credit because you do not owe that much tax, you may get some or all of the difference as "Additional Child Tax Credit" paid to you. You need to make over approximately $12,000 to get any ACTC. The ACTC can go as high as $1,000 per child.
You can qualify for the EIC with any filing status except married filing separately. You can qualify for the CTC or ACTC with any filing status.
2007-07-24 17:09:16 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
EIC and CTC are two separate credits - it's possible to get one or both of them depending on your situation. Are you saying that YOU are a full-time college student, with two dependent children.
The CTC is only available for children under age 17. It's $1000 each, so could be up to $2000 if your tax liability is that high. If your tax liability is less than that, the CTC would wipe out your taxes, but you wouldn't get the additional amount back.
EIC is what's called a refundable credit. If you are eligible, then you get it whether you have any tax liability or not.
The rules for a qualifying child for EIC are different than the rules for CTC.
2007-07-26 20:23:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The child tax credit is available for children under 17. It can reduce your taxes up to $1,000 but is not refundable.
The EIC is a refundable credit based upon your income and the number of dependents.
Without knowing how much earned and unearned income you have and the ages of your children it's not possible to say what you might qualify for and what the amounts might be.
2007-07-24 22:59:11 · answer #3 · answered by Bostonian In MO 7 · 4⤊ 0⤋
Child Tax Credit: $1,000 per child (generally under 17 years old), gets reduced when you start earning beyond certain thresholds.
Earned income Credit: Pays certain low income earners based on earnings level and number of children.
2007-07-26 18:09:55 · answer #4 · answered by Gerald 2 · 0⤊ 0⤋
Well there is a way you can get your earned income credit paid to you over the year on your pay checks, you need to talk to your hr or payroll office.
2007-07-24 22:50:02 · answer #5 · answered by Anonymous · 0⤊ 2⤋