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| *Loan,banking and credit>>>child tax |
Do you get money back from taxes if you have a child? |
I have heard that the government gives you money at the end of tax season for having a child providing that you worked that taxed year. You are correct. If you work, have a qualifying child, and your income is below about $32,000 ($34,000 if married filing jointly), then by filing your tax return you may receive a payment from the government which is more than any taxes you have paid. This credit is called the Earned Income Credit. It is a complicated credit. Here is a booklet that explains it clearly: http://www.irs.gov/pub/irs-pdf/p596.pdf... That is no reason to have children. usually. you can go to handrblock.com and use the tax caculator,just answer the questions and it will tell you how much you will get back. its really accurate. You dont just automatically get a refund just for having a child. You get a child tax credit for each child you claim to take care of. If using the credit pushes your tax due to a tax over payment, THEN you get a refund. You have to file to see if you actually get a refund. You are not simply granted tax money for having kids. You can have tax relief from the government by having more children. Work hard dude. YES UP TO THEY TURN 18 AND NO LONGER A DEPENDANT. IF THEY ARE STILL LIVING WITH YOU AND GOING TO SCHOOL. THEY WILL BUT IF THEY ARE LIVING WITH YOU AND WORKING YOU CAN'T CLAIM THEM.BUT YOU HAVE TO HAVE PROOF THAT THEY ARE IN SCHOOL. If you have children, you can list them as dependents (assuming you were the primary caregiver for the child) and you may also be eligible for Earned Income Credit depending on how much you made last year. You can get answers to almost all of your tax questions at http://www.irs.gov/ |
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