Saturday, October 24, 2009

Approximately how much could I get in child credit tax return?

I made about 13,000 dollars this year, have a non-working spouse and a one year old boy. How much do you think I could get in tax returns for my son?

Approximately how much could I get in child credit tax return?
With that income, on a joint return, you already wouldn't owe any federal income tax just with you and your spouse, so the exemption and child tax credit won't benefit you any, since they can only reduce your tax and yours is already zero. But you'll get back whatever was withheld for federal income taxes if anything was.





Where you WILL get a benefit is in the Earned Income Credit. You should get around $2747 for that, and would have gotten around $84 for EIC if you didn't have your son.
Reply:It's based on a table. See the instructions for the 1040 at www.irs.gov.


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