|
|
| *Loan,banking and credit>>>child tax |
How much extra money you get back on taxes if you claim a child? |
How much extra money you get back on taxes if you claim a child? You can't just claim a child. You have to be able to prove you are the majority support for that child to take the tax deduction. it depends on how much your annual income was for the year! the highest pay goes for areound 13000. annual income goes up to that point and down from there. Assuming the child meets the rules, you get a $3300 exemption which is subtracted from your taxable income before your taxes are calculated. The savings from this will depend on your income and tax bracket. You'll also get a child tax credit of $1000, assuming your total tax is that much. It'll get subtracted from your total tax, but if your total tax is less than $1000, would just take it to zero, you wouldn't get the rest refunded to you. Depending on your income and a few other things, you might be eligible for an Earned Income Credit. Having a qualifying child puts you under different rules for the EIC - without knowing your income and filing status, it's impossible to say what that could be - could be anything from nothing up to several thousand dollars. |
| Tags |
| tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax import tax inheritance tax |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |