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Single parents with two children under age 19 who made less than $55,768 are eligible for a refundable credit of up to $6,960. In contrast, couples with no dependent children earning less than $ 25,511 can receive no more than $ 632 .
Midwestern disaster tax relief. If your main home was in a Midwestern disaster area when the disaster occurred, you may be able to elect to use your 2007 earned income to figure your 2008 additional child tax credit.
19 Νοε 2024 · Filing taxes as a single parent requires coordination between you and your ex-spouse or partner. Usually the custodial parent claims the child as a dependent, but there are exceptions. A single parent is allowed to claim applicable deductions and exemptions for each qualifying child.
Age is a factor in determining if you must file a return only if you are 65 or older at the end of your tax year. For 2008, you are 65 or older if you were born before January 2, 1944. You must file a return if your gross income for the year was at least the amount shown on the appropriate line in Table 1. Dependents should see Table 2 instead.
Under Sec. 152 (c) (1) (D), earned income can also help with the support test that exempts the child from the kiddie tax. Children who earn enough income to cover half of their support are not subject to the kiddie tax (and the parents cannot take a dependency deduction). The child is employed in the family business.
Those thresholds were based on the sum of the standard deduction plus one personal exemption (two personal exemptions for a joint return). That value was $8,750 in 2007 ($17,500 for joint filers and $11,250 for heads of household) and $8,950 in 2008 ($17,900 for joint filers and $11,500 for heads of household).
25 Μαρ 2024 · Here are six child-related tax credits parents may be able to take advantage of when filing their 2023 taxes: Child tax credit. Child and dependent care credit. Earned income tax...
