Am I eligible for Hybrid Tax credit if I lease the car?
No. Only the OWNER of the car is eligible for the hybrid credit. If you lease a vehicle, you don%26#039;t own it, the leasing company does. So once you have leased the vehicle, the leasing company will have filed for the hybrid tax credit on their tax return.
for tax purposes, I%26#039;m considered a RESIDENT ALIEN, even though I don%26#039;t have a Green Card yet. On that case, am I also eligible to get the Child Tax Credit (my 4 years old daughter is no an US citizen) ? The pre-requisite is that %26quot;The child must be a U.S. citizen or resident. Since, for tax purposes, I am a RESIDENT, I%26#039;m quite confused ...
Go through the flowchart on Page 18 of the instructions and see if you stay on the track or drop off.
Did you earn any income in the us that year?But I think the answer is NO
Money is tight, so I want to claim all my exemptions so the taxes aren%26#039;t taken off my check. My wife and I qualify for Earned Income credit and the Child Tax credit with our two kids. If I do this will I still get a refund, or will I have to pay?
How old are your two kids? The Child Tax credit stops the year that they hit the age of 17. If they are under that age for right now, what you want to look at is to see if your Earned Income credit and the Child Tax credit add up to more than what your tax liability is. If they do than you will won%26#039;t owe anything with having no taxes taken off your check (You still will have to have social security and medicare taxes taken out no matter what.). You should also look at your state tax return (if you live in a state that has a state income tax) to see if your state credits are more than your state tax liability.
I have helped some people with children do their taxes. They didn%26#039;t pay tax because they were self employed. They still received a tax refund because of the EIC. The amount depends on how much money you made and how many children you have.
Depending on your total income and credits, the EIC may actually reduce your tax BELOW zero. If this is the case, don%26#039;t wait until tax time for a %26#039;refund%26#039;. Ask you employer for form W-5. Earned Income Credit Advance Payment Certificate. It allows you to have the %26#039;refund from the EIC paid to you as part of your regular paycheck.
Whether you get a refund or owe, even if you qualify for EIC and CTC, depends on your income. Do a mock tax return and see what your tax liability or refund is. Then go to your payroll department and re-do your W-4.
If in fact you owe zero tax and are getting a refundable credit back because of the EIC, you can get an advance EIC in your paycheck. Your payroll department can set that up for you.
If your tax liability for the year is zero, you could claim enough on your W-4 to not have federal income tax withheld. But be careful - if you expect to have any tax liability, don%26#039;t set your W-4 to not have anything withheld or you could owe when you file, and possibly have to pay a penalty.
The child tax credit only reduces taxes, so if yours is already zero, you would not be eligible for it. But there%26#039;s something called the additional child tax credit, which can give you some of that money even if you don%26#039;t owe any taxes - be sure to check if you%26#039;re eligible for that.
If you are eligible for EIC, you%26#039;d still get that as a refund.
Every year we have been producing proof of income to Child Tax Credit Agency.Somehow they have decided that they overpaid us for the previous years.Now they demanding the money despite the fact that they stop payments few months ago.
There are many reasons why the Revenue think you have been overpaid, and despite informing them of all changes in circumstances and completeing renewal forms you can still end up being overpaid.
UNDER NO CIRCUMSTANCES ignore anything from the Revenue, your best bet is to contact the office that sent you the demand for the overpayment to be paid back and ask for an explanation as to why they think you have been overpaid.
On receipt of the explanation if you still disagree with them again ring the tax office that sent the demand and ask for form TC846. This form allows you to explain your reasons for disputing the amount. You will get a time limit on which to return this form do so in the time limit.
If you have been overpaid the Revenue will reduce your current payments or even stop them and divert the funds to the overpayment until it is clear. If this puts you into finacial difficulties tell them, and they should do something about it.
If your claim has stopped and you are not receiving anymore tax credits then the Revenue will eventually put the matter in front of a county court judge. You will then get a ccj if the judge agrees. To avoid this from happening contact the tax office that is demanding the payments and offer a time to pay proposal. If the debt is paid within 12 months you will not be asked to provide Income %26amp; Expenditure details, if the debt takes longer than 12 months then you will be asked to provide Income %26amp; Expenditure details. Most payments are collected using direct debit payments from your bank, and you will have to complete a direct debit mandate which the tax office will send to you.
The amount you pay is dependant on your circumstances and each case is judged on its own merits.
Do not be afraid to discuss the problem through, people on the collection side of the Revenue are not monsters and will help all they can to provide a satisfactory mutal agreement.
You can get advice from the tax office that are demanding the money from you or the tax credit helpline on 0845 300 3900.
Citizens Advice Bureau....they should help but one can%26#039;t get blood out of a stone.
xxR
The Tax Department is right to hold future payments until you%26#039;ve settled the overpaid amount due to them. The longer you delayed paying them, the longer they will withhold your cheques. I suggest you work with them to allow you to repay the overpaid amount via installments.
unfortunatly they can by law demand the money back. If you cannot pay in full they just simply stop your payments.
I had the same problem a few years ago when my partner lost his job and we unfortunatly had to go on benefits for 5 months.
Then about 6 months after we came of benefits we recieved a letter telling us we had to repay every penny which was nearly 鎷?800. You can appeal if you feel the amount is to high for you to pay.
We appealed and we won we pay back 鎷?0 per month
If you gave them the correct information and it%26#039;s their mistake,don%26#039;t pay it !! They tried that one on me and i asked for copies of everything they had on me.. Eventually they accepted it was their error and i had nothing to pay...
They did the same to us and now we have to pay back abit every month. We have to make them an offer which luckily they accepted
That%26#039;s wrong! I%26#039;m sure they should keep paying you but at a reduced amount or even keep paying you what they should have from the begining and you set up a payment plan to pay back some every month until all is cleared. They should bear in mind that there is a child you are looking after .Its not your fault its the cruel so called Government alot of my family friends have been in similar situations
you don%26#039;t have to pay the money back as its there fault you were over payed best thing to do is go and talk to the citizens advise bureau
This was a major c*ck-up - they overpaid lots of people - some of our friends got caught by it - unfortunately, they have every right to demand every penny back.
Can`t pay won`t pay, blood from stone etc. their mistake is now causing you worry and distress, citizens advice, you have a lot in your favour, use it.
They seem to have a really crap system. They gave me lots of back pay saying i%26#039;d been under paid then a month later stopped giving me anything because i%26#039;ve been over paid. I dont think they have a clue what they are doing.
It is a nightmare, even CAB could not get their heads around it. My advise is to call them every day until they know your name , make it your mission in life, explain that their decision is putting you and your family in HARDSHIP, if you have the facts and figures to prove it. Do not let it rest, so many people have used and abused this system and got away with it . If your claim is genuine and it is their mistake you have all the ammunition you need,it can be very fustrating but if you know you are right fight, fight fight,. Good Luck.
ignore them for the present, it takes them quite a while to catch up. Three people you should always be level with, your doctor,your solicitor and the revenue. If you have told them the truth and provided evidence,then they have miss-paid you, not you miss-claimed. Let them suggest how you should pay this back.
Each year you can claim a tax credit of 20% on up to $10,000 spent on tuition %26amp; fees. The limit is capped at $10,000, so at most you can receive $2,000 credit each year. I pay about $7,500 tuition per semester, and after I pay the spring and fall amounts this year, I will be $5,000 over the $10,000 limit. I%26#039;d rather not lose the benefit for this amount, so I would prefer to delay the $5,000 payment until next year (assuming my college agrees, of course). Is this acceptable in the eyes of the IRS? I scoured the Federal tax forms, and many refer to making payments a year earlier than needed, but I haven%26#039;t found anything about making a delayed payment. I assume you get the benefit during the year that you actually paid the tuition, not the year when it was incurred, but you know what happens when you assume.... Thanks for your advice.
Per Publication 970, You would not beable to claim the monies paid for Tuition Costs incurred in 2007 on your 2008 return
What Expenses Qualify
The lifetime learning credit is based on qualified education expenses you pay for yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. Generally, the credit is allowed for qualified education expenses paid in 2007 for an academic period beginning in 2007 or in the first 3 months of 2008.
So If you held off paying the Fall 2007 Tuition until 2008 it would not qualify for the Lifetime Learning Credit on the 2008 return.
See Publication 970
Lifetime Learning Credit, What expenses qualify
http://www.irs.gov/publications/p970/ch0...
Where can I find how much money was earned in 2006 in the U.S. from the Low income tax housing credit?
u should receive annual st
Hi
My kid (2.5 yrs), wife and I came to the US (Dallas) in Aug 2007 on L2, L2 and L1 respectively.My stay is till july 08.
I have applied EAD in january08 for my wife and i%26#039;ll get EAD in couple of months and thereafter i%26#039;ll go for her SSN.
I%26#039;ll ITIN for my kid when i file returns.
My question is:
1. Can we wait till early June to file jointly under First Year Choice as resident alien using form1040.
2.Can we also get child tax credit?
3. while first year choice am i also eligible for EIC?
Thanks in advance
The answer to this question is that your wife had to get a SS# immediately upon landing within the United States.
Secondly, are you married? For federal tax purposes, a marriage means only a legal union between a man and a woman as husband and wife. Further,a person does not meet this test if at any time during the year the relationship between you and that person violates local law.
Thirdly, if you wait to get your children a SS#, you should apply for an extension to do your taxes with the IRS and, if your state has income tax {43 do and also DC}. You will have to tell the IRS the reason you need the extension. If you owe, you still face interest and penalty if you do not pay by April 15, 2008. If you are due a refund, you do not need to worry. Your State may %26quot;deny%26quot; your extension. If you are due a refund, you may ignore that. I know from experiences that others have had.
Your child must be a U.S. citizen, a U.S. national, or a U.S. resident alien. Welcome to the United States of America!
I have a landline and 3 cell phones; can I claim the Federal Excise Tax Credit on all 4 lines?
Hello, Linda! If you fill out Form 8913 to claim the actual long-distance excise taxes you paid, then you are in essence claiming the credit on all four lines.
However, if you claim the standard deduction ($30-$60 depending on how many exemptions you claim), the number of phones/lines is irrelevant; the only qualification is that you actual DID pay some long-distance excise tax on at least one of those lines.
Check out the below links for more details. Good luck! :-)
Yes, you can take credit for all of the excise taxes you paid.
If you claim the flat rate, then no, you just get it once. If you itemize the amounts, then yes you can - that might or might not be worth it.
Can I claim the child and dependant care expenses tax credit even though my ex-husband actually paid all the daycare expenses. I pay child support, and part of that is supposed to go to child care for my youngest. Any help?
If you are the non-custodial parent, you can ONLY claim your daughter if he signs the form 8332. Even with the form you get the exemption and child tax credit only. No HOH, no child care, no EIC. If you do not attach the form, when you get audited, you will have to pay back the excess refund. If you have claimed HOH and EIC you can get banned from the EIC program for 10 years.
It%26#039;s rare that the divorce decree can be used as a substitute for the form 8332. It must specify the child, the child%26#039;s SSN, show your husband%26#039;s signature and *not* specify that the release is contingent on you paying child support. And either state all future years or which years you can claim the child.
%26quot;One each%26quot; won%26#039;t cut it.
No you can%26#039;t unless he is ok with it.
Call a tax preparer. I don%26#039;t think you can claim it cause you are already claiming the child support. How it is used isn%26#039;t your responsibility.
If you have custody of your child, then go ahead and claim it. If not, then don%26#039;t. The IRS might think it odd that your exhusband claimed the same credit on the same child. If you have custody of your child, then they%26#039;ll never know the difference---you always have child care expenses then.
Sorry, but no. This credit is for those who need childcare to work and you do not need childcare to work since you do not have physical custody.
Aside from that, the portion of your child support that is supposed to go to child care would need to be clearly separated by a court of law from the child support to cover living expenses, and then would have to equal more than half of the actual childcare cost.
I had heard if you make under a certain amount you automatically qualify for a $500 low income tax credit, is this true?
if you have or support a child. its called EARNED INCOME CREDIT.
i believe so
For a current tax return, there is an Earned income credit. It%26#039;s not guaranteed.
There is TALK, no bill yet, of a stimulus plan that may send out some money to every taxpayer.
The earned income credit is a refundable credit you may qualify. You do not have to have a qualifying child if you are between the ages of 25 and 65 and earned less then 12,880 or 15,880 if married filing jointly. The max credit without a child is 428.. If you have qualifying children the income and credit is much higher depending on how many children you have
is the adoption tax credit available for international adoption as well as for domestic adoption?
not that this is a really important part of adoption, but it%26#039;s a good thing to know %26amp; process in my mind since i%26#039;m considering adoption.
Yes, the adoption tax credit is available for all adoptions. However, you cannot use it until the adoption has been finalized by the courts.
You will also need to obtain an adoption tax ID # for your child, if they do not have a Social Security Number. Our son had a social security number issued, but we were never given that information - as the biological mother would not provide it to us. We felt it was in our son%26#039;s best interest to apply for a new social security number for him, but in the meantime, we had to use the adoption tax ID #.
Good luck to you.
Yes, I%26#039;m not sure how much it is this year. I think it is over $10,000 but it can be used for both. I%26#039;ve adopted internationally.
Yes, it is! You can take it following the year the adoption is final, and carry it over for three years if you don%26#039;t use all of it the first year.
Yes, however with International you cannot use the credit until after the adoption is finalized, so it cannot be used for expenses incurred if (Universe forbid) you experienced a disruption..
Yes, it%26#039;s slightly over 10,000. You can use it the year your adoption is finalized. There is a rumor that it will end in about 3 years, so research when you get closer to adopting. You can take the deduction to cover a successful adoption...if say, you have 1 that fails you cannot take the deduction, have a successful adoption and take it again. It%26#039;s 1 deduction per successful attempt. You do not have to itemize, but save reciepts in case of audit. For special needs adoptions you can take the whole credit even if you don%26#039;t spend the full amount. For nonspecial needs, you can only claim up to what you spent. If you recieve any assistance from your job toward your adoption, you will have to report that to the IRS.
http://www.irs.gov/taxtopics/tc607.html
Yes, it can. Also, for the 2007 tax year, it has been increased to $11,390 to adjust for inflation.
That%26#039;s really going to help us when we file our taxes next year!
Absolutely if you make under the required maximum of like $150,000 (this fugure is not right it might be up to $180,000) per year.
As a matter of fact many states also offer tax credits but not nearly as high as the federal credit. Some states offer credits that are smaller but you can use the credit every year until the child turns 18 years of age. Some do require the child to be special needs however, for most internationally adopted children that is not difficult to prove. In my state all internationally adopted children qualify simply because of the lack of medical history and the risk of attachment and bonding issues.
Kim T.
My boyfriend has equal custody of his son (they alternate weeks - one week with him, one week with her and so on) is he eligible for half of the child tax credit that his ex-wife receives for their son?
They should alternate years on claiming the child for tax purposes, unless they have a good relationsship and she is willing to split it. Generally who takes the child for tax puroses is put right into the custody agreement. I know I have it in mine.
No, only one of the parents can file. How about alternating years. That%26#039;s what my folks use to do.
You want to collect the money she collects from the government? Why don%26#039;t you just list them on your own taxes?
my partner and i have just started our own business. we have a limited company, we are both working. since we have just started we are still trading on a loss. how do we provide income details for tax credit. we are really finding it difficult and i%26#039;m sure we should be entitled to tax credit. if you%26#039;ve been in this situation please help.
Phone the helpline on 0845 300 3900 and ask for Working Sheet TC825... It explains it clearly... :)
all info is on tax credit website
To claim as self employed you have to give an estimation of your earnings for the year, then next tax year when you declare your true earnings they will make the adjustments so will end up with either an over or under payment
please email me for a more direct response, its very complicated, and i need to know if you already claim or not, before i could answer any question
Not sure, sorry.
I receive a divident of $100 from a canadian trust, of which
$30 was withheld by Canada. How do I calculate the US
tax, using the foreign tax credit?
You need to refer to Federal Tax Law Sec. 12.10.09 Code 5.1
The foreign tax credit on the US return, in laymen%26#039;s terms, is the lesser of the foreign tax paid (or accrued, depending on whether you are using the paid basis or accrued basis) or the US tax on the same income. When you prepare the Form 1116 to claim the foreign tax credit, you calculate the tax liability on all of your income, and then you calculate the NET taxable income related to your foreign income. This means you take your foreign income of $100, then deduct a prorated portion of your itemized or standard deduction (whichever one you are claiming) and your personal exemptions to get to your net taxable foreign income. The ratio of foreign income to worldwide income is then multiplied by your total federal tax liability to determine your maximum foreign tax credit, which is based on your federal tax. This is then compared to the foreign tax you paid and then the lesser of the two is taken as a credit. Since the Canadian tax withholding is 30%, I suspect you won%26#039;t be able to get back all of the Canadian tax as a credit, since the US foreign tax credit would be based on your effective tax rate, and not your marginal tax rate.
Also keep in mind that when calculating the foreign tax credit, you have to consider which %26quot;basket%26quot; the income is earned in. If you have foreign income from several different types of sources, i.e. rentals, dividends, interest, and wages, the foreign tax credit is calculated independently for each type of income, and you can only claim the foreign tax credit against the US tax on it%26#039;s respective %26quot;basket%26quot; of income.
The $100 is included in your dividend income on your US tax return, Line 9a.
If the $30 kept by Canada is the only foreign tax, enter $30 on Line 47 of Form 1040. This assumes your taxes shown on Line 44 is at least $30. If Line 44 is less than $30, enter that amount on Line 47.
Otherwise, compute the foreign tax credit using Form 1116 and enter your credit on Line 47.
I have just made a claim for working tax and child tax credit and told that a calculation will be made and payment would be sent to my bank account. Does anyone know how long it takes before payment is made and how far will it be backdated?
it will only be back dated 3 months i believe, depending on whether you qualify, it shouldnt take too long if i remember right i had mine by the end of the month i applied.
Check they have paid you right though because they will take back any over payment.
Hope there quick. x
The can back date for up to 3 months so long as you were entitled in the previous 3 months, also I think my inital payment came through about 2 weeks after I made the claim although they do tell you to allow 1 month for the application to be processed.
I waited 9 weeks for a payment to be processed
hi ive been getting this for a couple of years no no probs so far they will backdate not sure how long but give them a call they are really helpful and always explain
I am waiting for the same thing - I moved in with my partner in January and sent the form in to them Dec, they didn%26#039;t receive it, so I resent it with a letter requesting that it be backdated - max 3months. As to when it will finally be sorted is anyones guess., Best thing to do is keep on their case and phone them regularly to keep track. I will be!!!
It seems that the HOPE TAX CREDIT and the LIFE TIME CREDIT cannot be used for a lot of things, What exactly can you get credit for? I have read all of the things you cannot use it for:
tuition, books, supplies, room and board, transportation. So what is it good for? What is left to get credit for, because they covered everything that you would have to spend!
I believe you misread then. Tax Topic 605 is what you should check out.
From the IRS website:
Expenses that qualify are tuition and fees required for enrollment or attendance at an accredited college, university, vocational school, or other post閳ユ悞econdary educational institution that is eligible to participate in a student aid program administered by the Department of Education.
I believe you mis-read something.
Typically you use it for tuition and fees for higher education.
Beware that Hope is for the first 2 years of college (or authorized trade school) then Lifetime learning kicks in.
Also there is a flat-out deduction of income on page 1 of the 1040 now which might work better for you.
Whatever you were reading, read it again or go to irs.gov and check it out. Tuition, student-activity fees, course-related books, supplies and equipment are covered if they must be paid to the institution as a condition of enrollment or attendance. Room and board and transportation would not be covered.
Whats the reasons that wouldn%26#039;t work? If you are poor you may qualify for state or federal assisted insurance. If not, and you and your employer pay for it, why not make it fair and give me a tax credit for not only providing for myself but also paying the taxes that pay%26#039;s the unemployed peoples insurance?
That is a proposed solution. However what about the people who work, but don%26#039;t have health insurance, such as small business owners.
No good reason.
because the ones who get coverage through work would pay more tax in the long run, we have to pay for insurance through the company then have to pay more in tax that wouldn%26#039;t be fair
to us
That would work for me. It would also be nice if home schooling parents got a tax credit for not using government schools.
Tax credits are a politicians Kryptonite.
i agree... if you have to pay for your own health insurance than you should be able to get a tax benefit or some kind of write off..not all that are poor can get any kind of benefit.. even the poor working 2 and 3 jobs to make ends meet may not meet the states criteria... or they may say sorry you made to much last year we can not help you..
That is a possible solution, and it%26#039;s infinitely better than socialized %26quot;Hillary-care%26quot;.
That is certainly part of several of the universal health coverage proposals out there. Since the majority of people get the majority of their health insurance premiums paid for by their employer, how do we structure the credits between employers/employee%26#039;s. What do we do about the employers who make no contributions?
Hiring a lawyer for minor legal problems can be expensive, but there are websites like LawGuru, FindLaw and other places where you can get free legal advice. I found this website useful - http://www.uelp.org/freelegal.html
My friend told me that there was a new tax credit that the president signed. I looked online but I couldnt find it. I would appreciate any info about it. Thanks.
It may be because he has not signed anything yet. He has proposed the $150 billion plan but not signed the bill into law.
Here is what will happen in the next days to come. This proposal presented by Bush to the House leaders will go to the House floor next week for review. It already has been agreed upon so it should move quickly. It will then move on to the Senate where it needs majority signed approval. With the approval, the proposal will be then sent to the White House for President Bush%26#039;s signature. It is expected to get to President Bush%26#039;s desk by the week ending of February 15th. Once he signs it and puts the law into effect, it will take about 60 days after that for the electronic checks to go out.
Now here is how the program works.......
A married couple with no dependents, with an income below $150,000 in 2007 would get a rebate of $6,000 per person. For couples earning above $150,000 get their rebate reduced by $50 for every $1,000 in income above $150,000. A married couple with each dependent or child get a rebate of $300 per child, in addition to the $6,000 per parent.
An individual not held as a dependent by the parents, with an income between $3,000 - $75,000 get a rebate of $600. An individual making more than $75,000 get their rebate reduced $50 for every $1,000 in income above $75,000.
Yes, it will be a seperate check.
how do older people who draw social security claim this Report It
$600 per individual ($1200 per married couple) and $300 per child up to $1200 additional, checks are to start rolling out in May. My wife and I are getting $2100
I am married, work full time and a full time college student. I was wondering what the tax break or credit in va is for this. I cant seem to find it anywhere thanks.
Hope and Lifetime Learning credits
The law changed recently, and it isn%26#039;t clear to me whether the hybrid tax credit is exempt from the AMT. Searching on the net finds both yes and no answers!
the credit is based upon when you buy the car, not how early you file your taxes.
it appears that the AMT no longer affects the hybrid credit. quick quote from an article describing the bill before it was signed: %26quot;In addition, when calculating whether they%26#039;re subject to AMT, taxpayers will be allowed to use all nonrefundable personal credits to offset AMT liability. Normally, these credits often end up being disallowed under AMT.%26quot;
http://money.cnn.com/2006/05/16/pf/taxes...
Yeah, turns out you were wrong. No credit for people already getting screwed by the AMT. Screwed again! Report It
The short answer is that the tax credit doesnt apply to anyone except for Government employees, and since Government employees are better than us, they dont have to drive hybrids. They drive monstertrucks everywhere. OPEN YOUR EYES, ITS A SCAM.
-J.
The Federal Tax Credit for purchasing a hybrid fuel vehicle is not dependent upon whether you fall into the AMT (Alternative Minimum Tax) or not. It is not income sensitive. The only criteria is that you must itemize your taxes. Also, be advised that only a certain number of these %26quot;credits%26quot; are available on a first filer basis. Once the credits have been depleted, the credit will not be allowed. If you plan on trying to use this credit, you%26#039;d be well served to file as early as possible.
Quoting from:
http://www.toyota.com/prius/tax.html
%26quot;The benefit of the hybrid vehicle tax credit will also be substantially reduced or eliminated if the individual purchaser is subject to the federal alternative minimum tax (AMT). Individual purchasers and corporations who have business use of the Hybrid vehicle are subject to different tax laws that may also substantially reduce or eliminate the tax benefits. Again, it is recommended that you consult a tax or accounting professional when claiming a deduction or credit on one閳ユ獨 income tax return.%26quot;
For the Clean Fueled Vehicle Deduction that hybrid owners could take through tax year 2005, you did not need to itemize your deductions in order to take the deduction, as it had its own line item (see IRS Publicatoin 535, chapter 12).
As for how to file for the 2006 hybrid tax credit, that is still unknown (as of my writing on June 30, 2006), as the IRS hasn%26#039;t published the 2006 tax publications yet. http://www.irs.gov/newsroom/article/0,,i... suggests that you may have to file a separate form to claim the credit (and also lists the maximum credit allowable depending on which hybrid you purchased).
The amount of the hybrid tax credit depends on when you purchased your hybrid, which hybrid you purchased, and how many hybrids a manufacturer has sold since Jan. 1, 2006 and the number of quarters following the magical 60,000th hybrid sold by that manufacturer.
I just wondered if anyone has any experience of Busy Bee Vouchers ? Do I still need to fill in working tax credit forms ?
Im a single a mum and only working part time so wondered which would be best.
I am so confused and HMRC refused to advise me !
Imgine i was there with the little ones they said %26quot;NO ADVICE %26quot; and they even refused to plug in our portable DVD player as it had not been tested for HMRC compliance !
Incredibly unhelpful !!!
Well, i woul try the vouchers, less froms to fill in/.
but fill them in any way, CLAIM ALL YOU CAN !
UK is SO mean and cruel and it is so hard to bring up kids when working and UK people are so unhelpful (you cannot even get a pushchair on most buses) well, I guess you know that already ;}
HMM, well say good bye to HMRC as you roll the little one on to the boat for a well earned weekend in France !
(Unless they stop us going abroad, that would be next)
Catch the boat while you still can !
There is free childcare on the Britanny ferries to St malo and it is 20 pounds return, no forms or vouchers needed !
do u no child tax credit address
TCO Liverpool 3, TCO, GOVERNMENT BUILDINGS, PRESTON, LANCASHIRE, PR1 0YP. [thats address that i have on my child tax credit award form, hope this helps.x
http://www.hmrc.gov.uk/local/individuals...
go here it may help
It really does depend what you need the address for:
Appliaction form
Renewel
Complaint
COP26
General Address
Are all differnet you are best calling the helpline for the relevant address, or you may be able to call about your issuse if even a signiture for a award is required as your sercurity checks act as a signiture. they are open 8am til 8pm 7 days a week.
0845 300 3900
whether they own a car or not, should people who use public transportation get a tax credit? Just currious with the whole, %26quot;GO GREEN%26quot; thing, and our dependency on oil.
oh, yes ! very good suggestion. but in india who pays the tax ?
that is a great idea, but what about places that do not offer public transportation. I think there already is a tax break for owning a %26quot;green%26quot; car so maybe there should be one for people who use public transportation - but either one or the other. Make sense?
Excellent question -thought - idea, etc.
No. if people use public transport instead of cars, they are doing them, others, (and generations to come) a favour in the long run which can Not measure in monetary value.
In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.
If you receive a 1098, it will tell you want you can report on your taxes. That amount is technically not a deduction, it is an adjustment to your income. It would be entered on line 33 (of form 1040) or line 18 (of 1040A). It will reduce you overall taxable income in a manner similar to a deduction. See page 30 of the attached pdf link from the IRS.
You can deduct the loan interest shown on the Form 1098. That may not be all of your loan payments since loan principal is not deductible.
My GF and i are thinking of getting married at dec, one of the reasons is for this tax credit.
We make the same around 50k each. we have no kids, good credit, no past taxes due, we both normally get refunds by ourselves, we both claim single 0. should get file spearate or jointly?
With only the standard deduction and exemption, a single or MFS person making $50,000 of income is going to pay $6,736 of income tax. So times two, $13,472.
A married couple making $100,000, with the standard deduction and two exemptions, pays exactly the same tax, or $13,472.
So it probably makes no difference if you marry or not this year as far as your taxes are concerned. If one of you itemized and the other didn%26#039;t, and now you can itemize on a joint return, that could be a tax savings.
if you get married by 12/31/2007, file jointly and take advantage of the joint filing rates - you%26#039;ll save money.
If you marry in 2007, then you can either file a joint return or each can file as %26quot;married filing separately.%26quot; Usually the joint return results in less total tax but you can easily run the numbers both ways.
What tax credit are you talking about? There isn%26#039;t a marriage tax credit. Since you both make about the same amount, your taxes in total will end up the same either way if you file a joint return if you get married before the end of the year - filing as married filing separately would cost you extra.
There%26#039;s no such thing as the %26quot;Marriage Tax Credit%26quot; so that won%26#039;t figure into your decision.
And frankly in your tax situation it won%26#039;t make much difference at all tax-wise since your incomes are nearly identical. You%26#039;ll most likely pay the same total tax if you remain single as you%26#039;ll pay either filing Married Filing Jointly or Married Filing Separately.
If you are eligible for any tax credits such as educational credits then you%26#039;ll do better with a joint return vs separate returns if you%26#039;re married but it will be a wash if you remain single.
Married filing separately in a lot situations is the least desirable filing status to use. Married filing Jointly is the best way for most people. Do it both ways and you will see for yourself. I bet it will be %26quot;married filing jointly%26quot;. Do not forget your state taxes as well.
I made 20,000 in 2007 and I have 3 small children. I received the EIC. I did not receive the full child tax credit, which is 1000 per child. Turbo Tax said it would be a credit of $1,140. Does anyone know why I didnt get the full $3000. What do I have to do to get the full credit? Should I change something on my return?
Your income is too low.
First you use the child tax credit to lower your tax.
Then you get additional child tax credit if your income is over $11750--at a rate of 15% of the money over 11750. You qualified for $1140, that%26#039;s it.
You should have qualified for earned income credit - that would have given you around 5k - 6k.......depending on how much was held out of your check - do not submit the return to the IRS something is wrong.......
VB is right. The Child Tax Credit only reduces your tax liablity. Unlike the EIC and Additional Child Tax Credit, the CTC is non-refundable.
Your income is low and therefore, the standard deduction and exemptions were able to reduce your taxable income to zero. No tax = no credit.
You can do the Child Tax Credit Worksheet yourself and compare the your figures to TT.
You can find the worksheet on pg. 36 of the 1040a tax booklet.
when using the kiplinger rebate calculater , I was asked how many children did i claim the CHILD CREDIT for on my tax return.. Athough I claimed all of my children on my return my tax preparer told me i was not elegible for the child tax credit because i did not have any %26quot;taxable income%26quot; When i asked what that means i was told that i did not qualify because i did not pay any federal taxes.(i had 9 exemptions and did not pay any state or federal tax) My question is : will i still recieve the additional $300 for my two children even though i wasn%26#039;t allowed the credit on my return?
You will receive an additional $300 rebate for each %26quot;qualifying child%26quot; (each dependent child under 17) regardless of whether you were able to receive the Child Tax Credit for them.
Unless you qualify for the Additional Child Tax Credit, you cannot reduce your tax liability past zero. So while you may not be eligible for any more credit past a certain point, all of your children under 17 are still treated as a %26quot;qualifying child%26quot; under the rules.
Quoting from the IRS:
Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number.
No. To fall into this category you have to had made at least $3000 taxable income for 2007.
As long as you had over $3000 in earned income on your 2007 tax return, you are eligible for a $300 stimulus check for yourself even if you didn%26#039;t owe any taxes. And if you are eligible, then you%26#039;d also get $300 for each dependent child under age 17 claimed on your tax return.
What I do to get the tax credit . Is it done with yearly W2 tax return?
How it works ?
If you purchased a new hybrid vehicle after Jan. 1, 2006, you should qualify for a US Federal income tax credit, thanks to the signing of the big Energy Tax Bill of 2005. (You may run into issues if the credit is more than your tax liability, or if you hit AMT.) Amount depends on the hybrid that you purchased new, and when you purchased it.
http://www.irs.gov/newsroom/article/0,,i...
http://www.irs.gov/newsroom/article/0,,i...
The IRS hasn%26#039;t come up with the 2006 forms and publications yet, but the first link suggests that you%26#039;ll have to fill out IRS Form 8910 %26quot;Alternative Motor Vehicle Credit%26quot; (and maybe Form 3800 %26quot;General Business Credit%26quot; if a Business), and then reporte on the appropriate line on your Form 1040 %26quot;Income Tax Return.%26quot;
(BTW: IRS Form W2 is the %26quot;Wage and Tax Statement%26quot; that your employer sends to you at the end of the year to help you report your taxable earnings/wages/tips.)
It is a one-time credit taken in the year that you purchased your hybrid vehicle. I do not think that you can carry it over to following years if you do not use it all in one year.
(If you purchased your hybrid up through Dec. 31, 2005, then you would qualify for the US Federal Clean Fueled Vehicle Income tax deduciton, in the year that you purchased the vehicle.)
Some states (like CO, WV, and I think OR and KS) offer a state income tax credit for the purchase of a hybrid. Some others will do a deduction (or let you carry over a federal deduction). Others may offer reduced sales tax for a hybrid.
A place to start investigating for your state: http://autos.groups.yahoo.com/group/toyo...
Since you%26#039;re asking on a Toyota list, here%26#039;s some pretty graphs and information about the tax credit for Toyota%26#039;s hybrids and the phaseout dates/amounts:
http://www.toyota.com/prius/tax.html
http://www.toyota.com/camry/tax.html
http://www.toyota.com/highlander/tax.htm...
I believe it is a state tax deduction, most certainly in California, but there may be other states that give them.
if it is used for bussines onley.
http://www.fueleconomy.gov/feg/tax_hybri...
I only made $6000 this year and took out about $7000.00 loans. I am a graduate student now the qestion is how much life time learning tax credit will i get?
The lifetime learning credit is 20% of your qualified education expenses for the year, up to a maximum of $10,000 of expenses. Qualified education expenses include tuition and fees, but does not include room and board, books, supplies, or equipment, nor does it include tuition related to courses that are related to sports, hobbies, games, or noncredit courses. Assuming that the $7,000 loan you took out were paid solely for qualified education expenses, your lifetime learning credit would be $1,400. These credits are nonrefundable credits, so since your income would be wiped out by the standard deduction and personal exemption, you would get no benefit for the credit.
Last year i claimed the Hope Tax Credit and i believe i received an excess of a refund compared to federal taxes paid. This year, i graduated nursing school and would like to claim the Hope Tax Credit for the Second year. That would mean I earned $9152 as a full time student and paid $333 to federal withholdings. Will I receive more than $333 back with this credit? Thanks!!!!
No, the college tax credits (Hope and Lifetime Learning) are not %26#039;refundable%26#039; tax credits. This tax credit will only wipe out any income tax liability you have to the Federal government. You will only get your $333 back.
In your case, if you are single and you are claiming yourself (and nobody else), then most of your income is already not taxed. If you did not claim the education tax credit but rather claimed this as %26quot;Tuition and Fees Deduction%26quot; (Line 34 on form 1040), you may be better off because your adjusted gross income will be low enough that you will get all of your $333 back, plus it can increase your state refund. Most (if not all) states that have an income tax determine your taxable income by using your adjusted gross income (line 38 on form 1040).
If you claim the Hope Credit, then your adjusted gross income would be $9,152. The Feds will not tax the first $8,750 ($5,350 std deduction, $3,400 exemption). That means only $402 is taxable. The Hope Credit would probably wipe out that tax owe. You would get your $333 back. But your state income tax would be charged with $9,152 adjusted gross income.
If you claim the deduction (and not Hope credit), then you Gross adjusted income would be $9,152 - minus what you paid in tuition (the deduction is capped at $4,000). The $5,350 std deduction would wipe out any taxable income, so you would get yoyr $333 back. But when you do your state taxes, you will taxed with an Adjusted Gross Income of only $5,152. Doing this will give you the same federal refund, but may help your state refund.
Try it both ways and see which works best for you.
No, the education credits are non-refundable. Non-refundable credits can reduce your tax to zero, but you don%26#039;t get the remainder back.
The Hope Credit is a %26quot;non-refundable%26quot; credit. This means that, while it can reduce your tax liability to zero, it can not by itself create a refund.
The only credits that can create refunds are the Earned Income Credit and the Additional Child Tax Credit.
The Hope Credit is non-refundable. This means it cannot be greater than the amount of taxes paid in.
The only refundable credits -- credits than can increase the amount of your refund to greater than what you paid in -- are The Earned Income Credit, Additional Child Tax Credit and the credit for excess Social Security Tax Withheld. They are listed in the payment section of the 1040, not the credit section.
None of the Education credits are refundable credits, so the answer is no - the max you can get back is the amount you paid in through withholding or estimated payments.
Well, maybe. If you use the Hope Credit to wipe out your income tax liability and are entitled to Earned Income Credit, you may end up with a refund greater than your withholding.
Education credits, including the Hope credit, can only be used to reduce your tax, to zero if you have that much, but can%26#039;t give you back more than you had withheld. So no, the most you could get back is what you paid in, or $333.
There are a couple credits where you CAN get back more than you paid in - Additional Child Tax Credit and Earned Income Credit, if you%26#039;re eligible for one or both of those.
If you earned $9152 in 2007, and don%26#039;t have any dependents, your tax would be $383 if you are single and are a dependent, or $41 if you are single and not a dependent. The Hope credit in either case would probably reduce your tax to zero so you%26#039;d get back everything withheld for federal income tax.
I made 20000 last year, do I qualify for receiving the child tax credit? How does that work? I have one child and do qualify for the EIC. Oh,and on the 1040 line 46, do i write what%26#039;s on line 43 if i don%26#039;t have anything on 44 and 45? Any free tax advice would be nice
On Form 1040 for 2006, Line 46 is the tax you owe. If there is nothing on Line 44 or 45, then there is a zero on Line 46. But Line 44 should be zero if you owe no tax, don%26#039;t leave it blank.
From your information, you owe no tax if Line 44 is zero. Therefore you have no Child Tax Credit since it is a credit that reduces your tax. But compute the Additional Child Tax Credit, Line 68, using Form 8812, and you may be pleasantly surprised.
Form 8812:
http://www.irs.gov/pub/irs-pdf/f8812.pdf
Yes you should qualify for child tax credit(if child is under 17), just not the additional child tax credit.
you need to talk to the person doing your taxes
You can get your taxes done for free at a VITA site. Volunteers receive training, and prepare taxes. Most sites can file electronically.
Check irs.gov for more info on the program, and on finding a site near you. Most sites operate from February to mid-April.
If filing head of household in taxes, is the earned income tax credit eligible for HOH? what is the maximum amount? And is that amount figured by gross or net wages? I did look on the gov website but it wasnt clear and I didnt see a mention of the EIC for HOH. thanks for any help.
Filing as Head of Household and claiming the EIC are two separate and distinct isues. It%26#039;s possible to file as HoH but not be eligible for the EIC and it is also possible to claim the EIC without filing as HoH.
You generally can file as HoH if you are unmarried or are %26quot;considered unmarried%26quot; AND you paid more than half of the cost of maintaining a household AND a qualifying person lived in that household for more than half of the year. A qualifying person can be your dependent child or other certain close blood or family relatives. If the qualifying person is your parent they do not have to live in the household with you.
The EIC is payable to anyone whose filing status is anything other than Married Filing Separately and who meets the other qualifications. The rules are too complex to go into here in their entirety but you can collect it if your income is within certain limits. If you don%26#039;t have a qualifying child or children you must be between the ages of 25 and 64. If you have a qualifying child or children there are no age requriements.
The EIC is based upon you EARNED INCOME only. Other types of income are not eligible and if you have more than $2,900 in investment income you are ineligible for the EIC.
See IRS Pub 501 for full details on filing as Head of Household and IRS Pub 596 for full details on claiming the EIC. Both are available on the IRS website.
You%26#039;re welcome. TFTP. Report It
Yes you can file HOH and be eligible for EIC. All taxes are figured by gross wages. You have to be a certain age or have at least 1 dependant to claim EIC though. I think the age is 25. I beleive the max EIC is some where around $5,000. But you have to make somewhere around $12,000 to get that much. The more you make the less you get...I think it startes going down aroud $15,000
If you look at the EIC table, you%26#039;ll see HOH at the top of the column that also includes single. If you meet the other requirements for getting EIC, filing as HOH doesn%26#039;t change that you are eligible.
We only pay about 5k in federal taxes each year - I know that it needs to be finalised before we can apply this tax credit. We are not looking to adopt a special needs child either.
Sorry, previous answer is incorrect. The adoption tax credit is a true credit for your taxes, meaning if you only pay about $5000/year in taxes, you can take this credit for about 3 years until it is used up. However, for the case of international adoption, the adoption must be completely finalized before the tax credit is taken, as you have already stated.
There is no provision to carry over the credit.
I%26#039;m divorced and %26quot;X%26quot; and I agreed to alternate each year with the child tax credit. What is the IRS form that needs to be filled out, and where can I get more info to ensure I do it right? I assume my %26quot;X%26quot; needs to sign a document that states I get the credit this year right? and I send that in to the IRS this year. THanks for your help.
the form that %26quot;X%26quot; will need to sign is form 8332
witha child
When you file taxes...tell the person at H%26amp;R block, or wherever you go that you have a kid.
The kids have to live with you for at least 6 months out of the year to claim them. Call a tax professional to get anymore info. Good Luck!
As I recall, the form is just called Child Tax Credit. You can get it at the post office with the other tax forms. It%26#039;s a pretty straight forward form that you should be able to follow. I don%26#039;t think she needs to sign anything. They shouldn%26#039;t question it unless both of you file the same year and then a red flag will go up. You could get her to sign something if it makes you feel more secure though.
You can use Form 1040-A or 1040 and use publication 972 to guide you. You may also need to fill out Form 8812.
In order to get the child tax credit, you do need to have a child plus you have to had made atleast $12, 000 for the year and be under the age of 17! You will either have to use a 1040 or 1040 A and the child tax credit form is a 1040 Worksheet 3 and form 8812. If you are divorced from your wife usually there is something in your divorce decree regarding taxes and if not there is a form she can sign but unfortunately I%26#039;m not sure what form it is, sorry! Wait I found it and think someone else had previously mentioned it as well, the form is 8332
In order to get the child tax credit, you do need to have a child plus you have to had made atleast $12, 000 for the year and be under the age of 17! You will either have to use a 1040 or 1040 A and the child tax credit form is a 1040 Worksheet 3 and form 8812. If you are divorced from your wife usually there is something in your divorce decree regarding taxes and if not there is a form she can sign but unfortunately I%26#039;m not sure what form it is, sorry! Wait I found it and think someone else had previously mentioned it as well, the form is 8332
In order to get the child tax credit, you do need to have a child plus you have to had made atleast $12, 000 for the year and be under the age of 17! You will either have to use a 1040 or 1040 A and the child tax credit form is a 1040 Worksheet 3 and form 8812. If you are divorced from your wife usually there is something in your divorce decree regarding taxes and if not there is a form she can sign but unfortunately I%26#039;m not sure what form it is, sorry! Wait I found it and think someone else had previously mentioned it as well, the form is 8332
!!!!!!!!!!!!!!!!!
Are they different or are they the same thing? Can you get both?
I live in CA
I am a single mom of a 3 year old
I made 10,500 in 2007
I paid 760 in federal
128 in state
I tried the H%26amp;R block calculator but it didn%26#039;t give me a child tax credit.. Why?
They are different. It%26#039;s possible to get both, it just depends on your income.
The Child Tax Credit only reduces your tax. With your figures, you wouldn%26#039;t have any tax liability after subtracting your standard deduction and personal exemptions. No tax = no credit.
EIC on the other hand is fully refundable and increases your refund. Your EIC would be about $2850.
And you didn%26#039;t make enough for the Additional Child Tax Credit.
they are different, but with the child tax credit there are certain stipulations in order to get it. last year and the year before i had to go to the office and file mine because the website wasnt working right on the child tax credit part.
will I be better off not claiming anything for 2005, claiming what I can for 2006 and carrying over since it will (hopefully) be final in 2007? OR can I go ahead and claim the little bit for 05 and 06 and proceed w/ using the larger chunk in 07 as well? I think I%26#039;m interpreting the tax law to say you can carry over as many years as you need to until the $10,000 credit is used up. Is this correct? Any expertise would be helpful.
Here are the rules for the adoption credit.
When to Claim the Adoption Credit
What year you can claim the adoption credit depends on when the adoption was finalized and whether the adopted child is a US citizen, resident alien, or foreign national.
If the child is a US citizen or resident alien, then you take the adoption credit in the following order:
for expenses paid before the adoption is final, you take the adoption credit in the year after your expenses were paid,
for expenses paid in the same year that the adoption is final, you take the adoption credit in the same year, and
for expenses paid in the year after the adoption is final, you take the adoption credit in the year the expenses were paid.
For example, you adopted a child in 2004, but you paid adoption expenses in 2003, 2004, and 2005. Your 2003 expenses are taken on your 2004 tax return (they must be delayed by one year because the adoption was not final). Your 2004 expenses are taken on your 2004 tax return (because they occurred in the same year as the adoption became final). You take your 2005 expenses on your 2005 tax return. In this example, your 2004 adoption expenses include both your 2003 and your 2004 expenses.
If the child is a foreign national, then you take the adoption credit only in the year when the adoption becomes final. Any expenses paid in the year after the adoption is finalized, you can take a credit for those expenses in the year that you paid them.
If your adopted child does not yet have a Social Security Number, you must apply for an Adoption Tax ID Number (ATIN) in order for you to begin claiming your adopted child as a dependent. The IRS provides comprehensive information on the Adoption Taxpayer Identification Number.
Adoption credits are not something that should be answered with out careful consideration of the facts in your specific case. A general rule is that you take expenses in the year after they are accrued until the adoption becomes final and you would take all the remaining expenses in that year. You should also be aware of the special needs children rules which may allow you to take a credit beyond your actual expenses. The best advise is to see a tax professional.
Im 25 coming up, single and have no children but i earn 鎷?5976 per yr. Would i be entitled to working tax credit??
The entitledto website has a great calculator which will tell you if you are eligible for any benefits or tax credits:
http://www.entitledto.co.uk/
What you are entitled to also depends on your Housing and Council Tax bill.
If it is just working tax credit that you are interested in, you can use the Inland Revenue tool %26#039;Do I qualify?%26#039;:
http://www.taxcredits.inlandrevenue.gov....
yes i think you are entiled to it. but check out the tax credit web site and they will tell you
no sorry
I am older than you earn 鎷?0500 per year and get 4.25 per week working tax credit. but remember it goes on last years earnings.
I was going to say the same as number 8-visit the entitled to website, it%26#039;s free. BTW I would say no seeing as you don%26#039;t have dependents, but it%26#039;s easy to find out, so give it a go.
What makes you think you should be entitled to this handout, I am 55, have worked all my years, single, earn less than you and I get bugger all!! So much for equality under this pile of **** government!!
My cousin applied for tax credit and he is on 鎷?2,500. He did not quality.
I have been searching the net for budget 2007 changes to WTC, and could not find any mention of the threshold to quality. However I did find the 05-06 threshold and it was 鎷?0,000. All tables published in the papers show tax credit at 鎷?0,000 and no tax credit at 鎷?5,000 so I doubt you will get anything. Anyone between 10k and 15k will only get something if the threshold has changed. This assumes basic circumstances, because as others have mentioned there may be exceptions.
My ex husband claimed my daughter on his taxes this year and got the child tax credit back, but can i atleast claim the child care credit since i paid for daycare all year?
You should have the details worked out in your divorce agreement on who can claim the credit. It depends on who had the child the most during the year, and if he has used it, you cannot. Check out www.irs.gov for details.
Yes you can if the child lived with you for more than half of the year. The child tax credit goes to the parent that claims the child as a dependent, the Dependent care credit and the EIC go to whoever the child lived with for more than half of the year.
The laws have changed recently. You should be able to claim childcare credit. If the child resides with you for 6 months or more a year and you support that child during that 6 months you may be able to claim a credit. One does not usually have to claim child support money toward total income. Only have to claim alimony. Ask a tax consultant or your H.R. Block person.
Assuming that the child lived with you for over half of the year, then yes you can take the dependent care credit. See IRS Publication 17, chapter 32, page 207, section on %26quot;Child of Divorced or Separated Parents%26quot;
Hi All,
So I filed back on the 14th and it was accepted on the 15th...anyway..on the 30th it said there was an error and it was fixed I would get a letter as to why and my refund was to be direct deposited into my account 2/1. Well I%26#039;m obsessive...because I could really use the money...and checked it again on the 31st. It said it was now delayed and to call in and mention 1121. So I called and they said my child tax credit is under review and they have 7 weeks!!! AHH!! of course I go the %26quot;there are millions of returns coming in%26quot; speel...so I guess my question is...is anyone else dealing with this and getting a different answer or has delt with in and can tell me what%26#039;s going on? Thanks!!!
I understand I have gone from refund to be deposited on 1/25 to 2/1 to 2/8 - Then a delay in processing code 1221. Then this morning a delay in processing 1121. I have the same dependents but this is the first time or second that I have had Child Tax Credit.
call IRS Refund Hotline 1-800-829-1954 they should be able to let you know what is going on with your refund or give you a phone number to the department that is processing your return. It might be in the exam department.
IRS is having to do a lot more research on tax returns this year especially return where you are claiming children.
The IRS has been fighting fraud in this area with people claiming children that are not really thier dependents. One of the things they are doing is selecting at random taxpayers who claim the credit and auditing the return.
Did they say Child Tax Credit or Earned Income Credit? I haven%26#039;t heard of any CTC reviews but EIC reviews are pretty common.
There has been a lot of EIC fraud in recent years and returns claiming the EIC are getting quite a bit more scrutiny, especially if one or more fraud indicators are involved. Such things as children shifting around among taxpayers from year to year or returns showing undocumented self-employment income and claiming at or near the maximum EIC would likely be delayed for further review and investigation.
I suspect form 8901 might cause reviews as well. That is a rarely used child tax credit form....or a mismatch between child%26#039;s name and child%26#039;s SSN.
And there will probably be a few more audits this year to prevent stimulus rebates from going out with the wrong amount. (The $300 minimum for $3000 of %26quot;earned income%26quot; won%26#039;t even be counting net self-employment earnings.)
I am having the same issue...exactly what ooga said.
I called this morning and i was told to i would receive a letter or a refund within 3 weeks
We currently claim Child Tax Credit but do not qualify for Working Tax Credit because we both work full time. Some friends have said that you can get free milk and dentist etc when you are Child Tax Credit. Does anyone know if this is true and where you can find out details about what can be claimed and how? Thanks
You are sent an NHS excemtion card when you apply ofr ctc/wtc and you are on a low wage.I was sent one before my partner moved in as we now have a higher income we are no longer eligable. If you were entitled to free dentist etc they would have automatically sent you one . So besides child benefit sorry no
Why should you be able to claim benefits if you are both working? Isn%26#039;t the point of benefits for people who don%26#039;t or can%26#039;t work?
I am not condoning people that don%26#039;t work by the way, I think the benefit system is a complete farce
you can claim milk allowances if you are on income support , free dentist applies to children up till 18 and you can get a tax exemption card up till the child is one after you have given birth it explains the benefits you are entitled to in the back of the pregnancy book from the nhs and also in the birth - five book too , I don%26#039;t think you%26#039;d be entitled to income support as you both work you could maybe get help with childcare costs but only if it%26#039;s an approved childminder i think you can get advice for that on the inland revenue website
the only other allowance you can claim is child benefit if you are not already getting it
If you knew you could save all of your gasoline receipts during the previous year and present a valid drivers license to the federal government at tax time. Wouldn%26#039;%26#039;t it be nice to claim your gas consumption on your federal taxes and get decent refund for your money that you paid out in gas.
If you answered yes. Then call, write or e-mail your federal elected officials or go directly to their office and tell them you want a gasoline tax credit now. Oil companies are making big bucks. Why can%26#039;t we make our bucks too ?
Yes that would be great. Did you know that you get a tax break if you buy a hybrid vehicle?
The Federal government is DIRECTLY responsible for more of the price of gas than the oil companies are. If you expect them to do anything about gas prices, I have ocean front property in Death Valley to sell. Report It
It sounds great, but where do you propose that the government find the money to do this?
At less than 20 cents per gallon, it will be less money than you think. If you used 500 gallons of gas (not unusual) you%26#039;d get less than $100 back.
However, as gas taxes are used for federal highway funding, how do you propose making up for the lost revenue for highway construction and maintenance?? We could jack up income taxes about $100, that would cover it. But you%26#039;d have $0 in savings.
I agree that the oil companies are taking us to the cleaners -- the wholesale price of crude today is less than it was a year ago when prices were 60 cents a gallon less than they are right now. Guess who has the $$$? Big Oil, of course! If we gang up on our elected representatives to fix that, we might see some relief. But refunding the gas tax won%26#039;t fix anything and will cause more problems to boot.
hi does anyone know what time tax credit goes into the bank in the uk cos i phoned about 5ish and it wasnt there so can someone please answer this question for me as we live in germany as my husband is in the army and it costs me a fortune phoning the bank many thanks xxx
It%26#039;s usually between midnight and 4am. Can you not join %26quot;telephone banking%26quot;? It%26#039;s a free call to check to see if your money%26#039;s in!
might take a while if u r in germany...
hello
my tax credits always goes in at midnight,
It will depend which bank you are with. I am with LLoydsTSB and they tend to be a bit slower than others at processing transactions. You should consider internet banking as it is really easy to check if your money has gone in.
one of my children is having a part time job and i%26#039;m not quite sure whether i should let people who giving me child tax credit about this.
does anyone know?
Child Tax CreditNine out of ten families with children can get tax credits. Child Tax Credit is a means-tested allowance for parents and carers of children or young people who are still in full-time education or approved training.
Who can get it?
All families with children can claim Child Tax Credit if their income is no more than 鎷?8,175 a year (up to 鎷?6,350 if you have a child under one).
You don閳ユ獩 have to be the child%26#039;s parent to be eligible, but you must be the main person who%26#039;s responsible for them.
How much will you get?
The amount you get depends on various things, including your annual income.
The payment is made up of two elements:
a family element paid to any family with at least one child and worth up to 鎷?45 (2006-2007 tax year)
a child element paid for each child in the family and worth up to 鎷?,765 (2006-2007 tax year)
You may get more if you care for a child under one or a disabled child.
The other tax credit you may be entitled to, if either you or your partner is working, is called Working Tax Credit, and this includes a childcare element to help families who are working and spending money on childcare.
More about Working Tax Credit
How to qualify
Tax Credits are based on your household circumstances, so you need to provide information about:
your income
your partner%26#039;s or civil partner%26#039;s income (if you have one)
the children in your family
How to claim
Post and phone
You can:
claim Child Tax Credit or Working Tax Credit by post
report a change of circumstance by phone or post
renew your tax credits award by phone or post (once you get the form sent to you in April or May)
You can order a claim pack over the phone by calling the helpline.
Call 0845 300 3900, textphone 0845 300 3909.
Lines are open every day (except Christmas Day, Boxing Day, New Year閳ユ獨 Day and Easter Sunday) from 8.00 am to 8.00 pm.
Or you can pick up a claim pack from your nearest HMRC Enquiry Centre or Jobcentre Plus.
Can the non-residential parent claim a child for the additional tax credit with the proper signed form from residential parent or as a line 6 exemption only?
Thanks. I%26#039;ve looked all over the irs%26#039; site and can%26#039;t seem to find the answer to this. Maybe it%26#039;s just too early and they aren%26#039;t using plain enough English for me :P
whoever claims the child is eligible for all tax benefits including dependent, child tax credit, additional tax credit, etc.
see page 21
http://www.irs.gov/pub/irs-pdf/i1040.pdf
If you are the noncustodial parent, and you have received a Form 8332 from the custodial parent waiving the exemption, then you can take the child%26#039;s dependency exemption, the Child Tax Credit, and the Additional Child Tax Credit.
The Earned Income Credit, head of household filing status qualification, and Child and Dependent Care Credit remain with the custodial parent and cannot be assigned to the noncustodial parent.
I moved to NJ on 1/12006. I am still elligible for property tax credit (for tr-1040)?
You would need to fill out NJ Schedule 1-A, Part II for tenants. Any tax credit will be reported on your NJ 1040.
http://www.state.nj.us/treasury/taxation...
do you own any property?
How much is the marriage tax credit in Washington State, without having any dependants?
If a tax went down anywhere on anything, I garuntee another item or act tax went up. So the question is dependant on many other things. The being married and getting married is a Taxation associated with it. Might be a Lisence Fee, might be a flat tax, but everything that an American does is taxed, somehow.
The state of Washington does not have a personal or corporate income tax, so no marriage income tax credit would exist. Furthermore, I am not aware of any Marriage Tax Credit to offset sales or property tax.
my partner and i are directors of a limited company. since the company has just started trading we are hardily getting proper wages yet. do you think we may be entitled to tax credit and if we are how do we work out our wages. we have 3kids and we are finding it very difficult to cope finacially. please help
Absolutely DON%26#039;T BOTHER. They will come and ask you for it back in about three years...
Its a CRIME.
ask, you never know!
http://www.taxcredits.inlandrevenue.gov....
Hi,
If you go search Working Tax Credit online form it should show you their homepage. On this there is a online form that you can fill out which tells you if you%26#039;re eligible...
https://www.taxcredits.inlandrevenue.gov...
Hope you are!! :-)
hi go to www.entitledto.co.uk
it will tell you everything you need to know with a personal illustration.
In short yes you are entitled to claim, and should receive something.
You will need to base your claim on your estimated joint salaries during the year, and your other income figure will need to include any dividends you intend to draw from the company before 5 April 2007.
Don%26#039;t forget any other income you have between you.
You should make a claim NOW. Even if you don%26#039;t get much of an award now, when you fill in your annual declaration at the end of the year, if you should have been paid more you will receive it. This is called a protective claim.
get in touch with your tax credit office no harm in trying they only say no
Do young people just not need tax relief? I%26#039;m 19 and last year i made $3,600 and i have to pay $530 in taxes on it. Its just silly that i should not be able to claim a tax credit designed to help low income people pay their taxes.
Usually, when you are 25, you are still considered a dependent of your parents because you are in school and the such. (They can claim you until you are 24 if you are in school)
There is good news though, under certain circumstances, if you have a qualifying child you can claim EITC and be under 25.
stop claiming yourself on w2 with employer, claim 0 myself then at end of year i claim 1 i always get money back, get greedy durring the year and you SHOULD expect to pay at the end of year so no i dont see that you should get that credit
The EITC was originally designed to help low-income families with young children. It was recently opened up to provide a SMALL credit for adults over 25.
Like everything that the IRS does, it%26#039;s based in law as passed by Congress. If you don%26#039;t like the law, complain to your representatives in Congress.
my concern is you only earned 3600.00 and you had a tax liability of 530.00 it sound to me as if you did not take your standard deduction in which you are entitled standard deduction for 2006 =5150.00
The only way you would owe $530 would be if you were self-employed you do not actually owe federal income tax but social security and medicare.
You do not owe any federal income tax on the earnings of $3,600 if you have an employer. And if you did not have any federal income tax withheld then you do not even have to file taxes.
As you read the other entries it will show why EITC was placed in the tax system
We have a 17 year old who is still in school and still living at home with no job. Can we recieve the child tax credit on him this year?
NO! For the Child Tax Credit the child must be under 17
yes - under 18 or up to 23 if a full time student
as long as they are your dependant. You pay for all of their expenses: food, housing, school etc.
This past year I adopted a foster child. I have been going to school and living with my parents. My dad is claiming me as a dependent. Can he also qualify for the adoption tax credit because of our new son?
idon%26#039;t think so because he didn%26#039;t adopt the child. you did. Did he pay for the adoption fees? however your dad can claim your child as a qualifying child. That way he gets the child tax credit and another 3400 exemption.
