Wednesday, March 17, 2010

Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?

nope, you need to have EARNED INCOME to get a refund of anything. No work=no refund...including the child tax credit

Would me and my husband qualify for the child tax credit if we were both unemployed for the whole year?
It is a "tax credit". You have to have tax to get the credit. A portion is refundable but you have to still have earnings!
Reply:If you owe tax after your other deductions, the CTC can further lower the tax owed. To get a refund based on the CTC (called the additional CTC), however, you would have to have earned income during the year.





The other answers seem to assume that you will owe no tax because you received unemployment. Since unemployment is taxable, that is not a valid assumption. Still, unemployment does not count as earned income.
Reply:sorry but the tax laws state that you have to have earned income [wages] in order to receive a child tax credit.you also need earned income to receive the earned income tax credit [eic]


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