Refundable Child Tax Credit Killer Professional Advice
Refundable Child Tax Credit – Qualifications And Eligibility
For 2009, the child tax credit is refundable up to 15% of the amount you qualify for, if your earned income is at least $3,000. More taxpayers will be eligible for this credit, as the income threshold needed to qualify for child tax credit refund decreases from $8,500 in 2008.If you have three or more children and your earned income is less than $3,000, you may be subject to receive a partial refund (the amount by which your Social Security Taxes exceed your earned income credit).
Child Tax Credit – Eligibility
You may be eligible for a Child Tax Credit if you have a qualifying child under the age of 17. For each eligible child you can receive a tax credit equal to $1,000.The child tax credit is subject to phase out for taxpayers with adjusted gross income more than $110,000 per family, filing a joint return. The maximum amount of adjusted gross income for singles is $75,000.In order to determine the amount of credit you can claim you need to file a Form 1040 or Form 1040A.