Besides the $1,000 dependant care tax credit that you get for having a child, isn't there another tax credit that you get for having a child? I thought it was more than $1,000. Besides the child care tax credit, I thought there was another credit you get so you get even more money back?
psf80
Posted:
Member since
Re: Tax question when you have a child...
When it comes to children:
you can take the child tax credit - $1000 max per child
for a child under 13, for qualifying tax payers, you can get a modest tax break of a credit for 20-35% of the cost incurred for child care. I'm not sure what your income has to be for this one, so check on that if this applies.
As far as I know, these are the only ones, unless something new has been passed. I took a tax law class two years ago, and some things may have changed since the current administration is fond of tinkering with the IRS Code.
belleboyd
Posted:
Member since
Re: Tax question when you have a child...
As fas as I know there are two:
1000 child credit
2500 (max) dependent care credit. I have my company take this out before taxes and then get a check at the end of the year. I then use that to pay for summer camp. Works out well.
brideinapril
Posted:
Member since
Re: Tax question when you have a child...
I have to agree - I've only heard of the two. But then I also had head of household which gave me more money back on top of that. Now, that I'm married I guess thats the only part that changes.
dengal
Posted:
Member since
Re: Tax question when you have a child...
Each child you have is another dependent you can claim on your taxes. So, aside for the credit, you do get a tax deduction for each dependent. It also depnds on how much taxes you have taken out of your paycheck. I continue to file Single 0 - which means I pay a lot upfront, but get a large amount back at the end of the year. If I were to change this, my weekly take home would be larger, but the amount of my refund would be less.
