How do I file EITC and Child Tax Credit if already filed?
Q. I have recently discovered that I can, and should have, filed for earned income tax credit, and the child tax credit. I already sent in my tax return (via mail) and have long since received my refund. What do I do to claim this money for these two credits that I just learned about? Any advice/guidance would be most appreciated.
Asked by The Peav - Fri Oct 7 13:38:58 2011 - United States - 6 Answers - Comments

Tax Credit?
Q. Ok I didn't work in 07 due to my husband's passing in October of 06, just took time off to spend with my kids while they are still small. My only income for 07, was mine and my childrens Survivor Benefits (SSI). Will I qualify for the Tax Credit? I've heard a few different stories and I wanna get it straight. Thanks!
Asked by BeAuTiFuLlYbRoKeN - Wed Mar 19 20:52:03 2008 - United States - 4 Answers - Comments

A. Social Security survivor benefits qualify for the rebate, but SSI does not. According to the IRS: You may qualify for a minimum payment of $300 ($600 if filing a joint return) if your tax return reflects $3,000 or more in qualifying income - which includes Social Security, but not SSI. but you must file to receive the rebate, even if you are not required to do so. The IRS has announced an electronic free file option for people who have no legal requirement to file a tax return but must file a return this year in order to receive a 2008 economic stimulus payment. Go to the IRS homepage, click on "Rebate Questions?", then scroll down to "You May Be Eligible Even if You Normally Do Not File a Tax Return" and click on " [cont.]
Answered by Richard M - Thu Mar 20 07:33:34 2008

How does the federal adoption tax credit work with international adoption?
Q. I know that we would need to spend the 11,000 or so in adoption expenses in order to get that matched in credit, but how does the tax credit actually work? If we fill out our taxes and we are getting a refund of say $500, do we get the credit on top of that or do we have to owe money in order to receive any of the credit?
Asked by taking a trip - Thu Apr 12 21:51:20 2007 - United States - 3 Answers - Comments

A. For international adoption, you can only take the adoption credit if the adoption was finalized in 2006. The adoption credit is a non-refundable credit. This means the credit can reduce your tax liability down to $0. But if a tax payer don't owe any taxes, the adoption credit will not give the tax payer more money back. So if you are getting $500 refund because you overpay taxes, then you will get more money with adoption credit. If you are getting $500 because you are claiming Earned Income Credit, then adoption credit may not add to the amount of your refund. See instruction for form 8839 Best wishes.
Answered by JQT - Fri Apr 13 06:04:50 2007

Whats the difference between Child Tax Credit and Child Benefit?
Q. My son is 16 and about to go to 6th Form College. I am a single parent and have been recieving Child Tax Credit but I have been told that this is to stop in August. His school tell me I should recieve Child Benefit. Quite honestly its all greek to me.
Asked by Gwyhir - Thu May 29 14:08:03 2008 - Other - Business & Finance - 4 Answers - Comments

A. Child Benefit is a universal benefit paid to anyone whilst Child Tax credit is means tested. Both are payable provided the young person is under 20 (not 18) and is in full time non advanced (upto "a" level" standard) education or certain types of training. Given your circumstances you should be receiving/claiming Child Benefit and the same with tax credits, athough tax credits is means tested (you have to be on a very high income to get nothing by the way)
Answered by DAVID M - Thu May 29 16:18:53 2008

does anyone know what tax credit is in va for full times students?
Q. 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.
Asked by JtotheR - Sat Jan 5 20:51:26 2008 - United States - 1 Answers - Comments

A. Hope and Lifetime Learning credits
Answered by wartz - Tue Jan 8 15:01:46 2008

What is the per child tax credit for each of the last 7 years?
Q. We are helping a family that has not filed taxes in the past ten years and now will. They are not deadbeats, they've got their W-2's and based on the W-2's they have overpaid a tremendous amount to the IRS. They just need help to file. Please help us (their new church members) find the per child tax credit (USA) so we can help them file their taxes and get some refunds.
Asked by Mike O - Sun Nov 2 15:08:28 2008 - United States - 2 Answers - Comments

A. This is the downside of not filing. The IRS doesn't run after you if they realize you would get a refund. Refunds are possible for 2005, 2006 and 2007. They would still file the earlier years to prove they don't owe money. If they have children under 17 then they were eligible for the child tax credit. The credit (which only helps to show they don't owe for 2004 and earlier) was $600 and it's now $1000. 2001 = 600 2002 = 600 2003 = 1000 (400 was passed out early) 2004-2007 = 1000
Answered by a tax lady - Sun Nov 2 15:30:56 2008

How to file amdended tax return for two individuals filing for first time home buyers tax credit?
Q. My boyfriend and I just closed on a home together. We want to file an amended tax return for the first time home buyers tax credit. How would we go about both filing an amended tax return. I know we need a certain form to amend and a certain form for the first time home buyers tax credit, but do we need to mail them in together, or just separately? Thanks in advance.
Asked by Krista - Tue Aug 11 21:20:06 2009 - United States - 3 Answers - Comments

A. You can split the credit any way that you wish if you are both eligible, or either of you can claim the entire credit. If you choose to split it you'll both need to amend your returns. Do NOT mail the amended returns in the same envelope! File amended returns using Form 1040-X and attach Form 5405 to claim the credit. To expedite processing, attach a photocopy of the HUD-1 settlement sheet and a photocopy of the recorded deed. Wait about 4 months for your check(s). Form 1040-X: Form 1040-X instructions: Form 5405:
Answered by Bash Limpbutt's Oozing Cyst c - Tue Aug 11 21:40:03 2009

How much child tax credit will I recieve for my baby due in February?
Q. I have three children at the moment, but my fourth is due in february. How much extra per week will I recieve. (not working child tax credit, just normal child tax credit) Cheers!
Asked by Kimber1984 - Sun Dec 7 10:33:27 2008 - United Kingdom - 8 Answers - Comments

A. Each case is specific, you need to go online to use the online calculator: https://www.taxcredits.inlandrevenue.gov.uk/Qualify/DIQHousehold.aspx How much you get depends on income, ages of other children etc Labdogs, she's in the UK there are no limits to when you can claim. you claim as soon as your baby is born whether december or june. And there not free hand outs, parents work harder then any other group or profession of people. Think about it, if only parents who were well off enough not to need child benefit had children hundred and thousands of nurseries, school teachers, pedatricians, shops like mothercare and the early learning centre would all lose there jobs. All these professions and many mnay more require children to be born… [cont.]
Answered by spring_rainbows - Sun Dec 7 10:58:01 2008

What do you think about a federal gasoline tax credit ?
Q. 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''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't we make our bucks too ?
Asked by J - Wed May 23 23:58:19 2007 - United States - 3 Answers - 1 Comments

A. Yes that would be great. Did you know that you get a tax break if you buy a hybrid vehicle?
Answered by southernstyle352 - Thu May 24 00:07:45 2007

How does the tax credit work if we sell before 3 years?
Q. My husband and I just bought a house 2 hours away from our home town and now that we're here we really aren't liking it. We qualified for the first time home buyers tax credit, but still haven't filed the paper work. We were told that we had to live in our house for 3 years, but if we don't file for the credit is there still a penalty? And if we filed for the credit, but still moved before the 3 years, would we have to pay back the credit all at once?
Asked by Casey - Mon May 10 17:47:22 2010 - Renting & Real Estate - 3 Answers - Comments

A. If you have not filed for the first time homebuyer credit and choose not to, you will not receive the credit and therefore will not have to repay anything. If you file for the credit, according to the IRS website, the full amount of the credit is due in whichever year you move from the property. So if you receive $8000 and move in 2010, you will owe the IRS $8000 when you file your 2010 taxes next April.
Answered by lightupthesky25 - Mon May 10 17:58:18 2010

How will the long time resident tax credit affect my tax return?
Q. I am fairly sure I qualify for this. I have lived in my home for 14 years and make way less than $125,000. I know it will be 10% of what I paid for my home. How will this credit affect my tax return? Will I get all of it back? A percentage? Thanks for any info.
Asked by sali s - Tue Jan 19 17:49:54 2010 - United States - 3 Answers - Comments

A. Did you (or will you) buy a new home between 11/6/2009 and 4/30/2010? If not, the credit will have no effect on your return as you do not qualify for it. If so, you can receive an additional $6500. Note: There is no credit for JUST having a home for 5+ years and I would really like to know how that rumor started!
Answered by Wayne Z - Tue Jan 19 17:55:04 2010

Adoption Tax Credit to pay for early withdraw Penalties?
Q. I am wondering if I could use the remaining Adoption tax credit to cover penalities for withdrawing from my TSP early. If so I'd like to do that so the credit won't goto waste. Then I could put that money into an IRA the next year and reap the tax benefits.
Asked by in COGNITO * - Mon Aug 27 22:03:25 2007 - United States - 1 Answers - Comments

A. The adoption credit would be entered on line 54 of your 1040, which is netted with any other taxes and credits on line 57. The penalty for early withdrawal isn't entered until after that, on line 60, so no, the adoption credit can't be used against the early withdrawal penalty. It could be used against any income taxes due on the withdrawal though, just not on the penalty.
Answered by Judy - Mon Aug 27 22:19:47 2007

Does giving a tax credit to small businesses for people hired stimulate the economy as much as credits ?
Q. as much as tax credits to consumers??? it would seem to me that if you put the money in the hands of the people that they would then spend it which would then cause businesses to hire people. therefore I think the tax credit for hiring is just window decoration to make it look like action is being taken.
Asked by sergbelxx - Thu Feb 11 05:48:55 2010 - Other - Politics & Government - 2 Answers - Comments

A. A "tax credit to small businesses for people hired" is relatively meaningless, in that a small business will not hire people unless there is sufficient work to pay their salaries/wages. A tax credit may make the difference if the increased business is close to the line for paying for the additional person, but it does NOT extend to year 2, so if the increase in business does not improve the person will be fired.
Answered by Paula - Thu Feb 11 07:34:14 2010

Do you count the additional child tax credit when figuring your payment from the stimulus plan?
Q. I did the 1040. Line 57--0; line 52---630(childa tax credit); line 68---370(additional child tax credit). Thanks for helping me. We made 42600 and have 1 child. We are married filing jointly.
Asked by trying4_baby - Mon May 5 07:26:54 2008 - United States - 1 Answers - Comments

A. No, don't enter that into the calculator. It's already taken care of in the calculation. Just enter line 52, the child tax credit, like it tells you to. You will likely come up with $930 total, $630 for you and your spouse together, plus $300 for your child.
Answered by Judy - Mon May 5 10:19:20 2008

What kind of tax credit/deduction should i take for education expenses ?
Q. My wife will be graduating from college this spring. She has 20K in debt. She does not work while I work making 70K/year. Should i try to take advantage of Lifetime tax credit for her ? I took a Kaplan GMAT (for MBA admissions)class that cost me $1400. Can i deduct that too ? What advice would you like to give ? Is there any tax advantage of paying off her debt little at a time ? I appreciate your response.
Asked by Krishna - Mon Mar 17 18:59:41 2008 - United States - 2 Answers - Comments

A. Your wife should have received a 1098-T from the college she is attending for all tuituion and fees paid in 2007. Generally, the Hope Credit/Lifetime Learning Credit is the most advantagous since it reduces your tax liability dollar for dollar, however you could choose to take the Tuition and Fees deduction instead. Use Form 8863 to take the credit. Fill out this form using the amounts from the 1098-T your wife received. You can not deduct or claim a credit for the cost of the GMAT test because that is not considered qualifying tuition and fees at an eligible educational institution. See the instructions for Form 8863 for definitions. As far as paying off her debt, if the 20K is in the form of student loans, the interest paid each year is… [cont.]
Answered by mikel0626 - Thu Mar 20 15:55:30 2008

What screen in turbo tax do I enter my tax credit adjustment amount?
Q. Turbo Tax and the Certificate for Income Adjustment I am itemizing and I have a Certificate for Income Tax Adjustment from Department of Defense for my overpayment of a debt to the federal govt. What screen in turbo tax do I enter my adjustment amount? It is over $3000. I want to take the tax credit not the tax deduction.
Asked by Renee S - Sat Apr 14 23:30:34 2007 - United States - 1 Answers - Comments

A. Turbo Tax can't do this. You should use Tax Cut instead - it is much better.
Answered by sd;jsdfj; - Sun Apr 15 09:33:00 2007

Can you keep the home buyer tax credit after selling your home and moving to a new home before the 3rd year?
Q. Can you keep the home buyer tax credit after selling your home and moving to a new home before the 3rd year? Meaning: buying your first home this year and qualifying for the tax credit. Then, 1 or 2 years later, sell the home, and move to another home. Or are you stuck in the same home for 3 years to avoid repaying the credit?
Asked by Haunty - Fri Nov 6 22:06:19 2009 - Renting & Real Estate - 4 Answers - Comments

A. No. You must use the home as your primary residence for the full 3 years or else pay back the tax credit.
Answered by Mike - Fri Nov 6 22:19:23 2009

Can you receive child tax credit for a 5 month old?
Q. At what age can you receive child tax credit, for a baby? I would also like to know at what age do child tax credit end, for a child?
Asked by detroitsdivinediva - Thu Jan 3 16:50:30 2008 - United States - 4 Answers - Comments

A. You could get the child tax credit for the year they child was born even if they were born on Dec. 31. The credit is no longer available for the year when they turn 17.
Answered by Judy - Thu Jan 3 20:04:17 2008

What is this 8k tax credit as a first time home buyer ?
Q. Can someone explain in lay man terms as what exactly is this 8k tax credit for first time home buyer. If I am a first time buyer , salaried with 60K/year,planning to buy 190K home for the first time in my life Does it mean that government is giving me 8K from there end to buy home which I don't have to repay ? Is that 8K like a gift to me from govt which I don't have to repay ?
Asked by John P - Mon Feb 23 01:14:57 2009 - Renting & Real Estate - 2 Answers - Comments

A. Wow, there is a lot of bad information out there concerning the tax credit. If you bought a home prior to January 1st 2009 you will be allowed to take a credit on your taxes of $7500, but this money will have to be paid back over a 15 year period. This assumes that you are a first time home buyer. The $8,000 tax credit that just got signed into law this last week is available to first time home buyers and does not have to be paid back as long as you live (claim the home as your primary residence) in the home for 3 years. A first time home buyer that purchases a home between January 1st 2009 and December 31 2009 will be eligible for this tax credit. There are income limits on this tax credit where you would no longer be able to claim the… [cont.]
Answered by Jamesww - Mon Feb 23 03:38:03 2009

How does the $7500 tax credit for 1st time home buyers work when joint buyers are not married?
Q. If I bought my first house jointly with someone else, both be on the mortgage/title, etc- splitting everything 50/50, how would this new $7500 tax credit for first time home owners work? Would you both be able to take the credit ($7500 each for a total of $15,000) if you are first time home owners (and not married)? Or would only one of you be able to take it?
Asked by Michelle - Mon Jan 5 17:44:27 2009 - United States - 5 Answers - Comments

A. The Form 5405 instructions explain: If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any reasonable method. The total amount allocated cannot exceed the smaller of $7,500 or 10% of the purchase price.
Answered by Pyro - Wed Jan 7 13:33:23 2009