What EK said, BUT there is not limit on the number of kids for the CHILD TAX CREDIT. There is, however, an income limit on the child tax credits. There is a limit to the Child Care credit as EK points out.
Limits on the Credit
You must reduce your child tax credit if either (1) or (2) applies.
The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 44, is less than the credit. If this amount is zero, you cannot take this credit because there is no tax to reduce. But you may be able to take the additional child tax credit. See Additional Child Tax Credit, later.
Your modified adjusted gross income (AGI) is above the amount shown below for your filing status.
Married filing jointly – $110,000.
Single, head of household, or qualifying widow(er) – $75,000.
Married filing separately – $55,000.
Really? I thought the worksheet capped the multiplier at 2x or something (essentially $6000). I'll have to look again I guess. Either way, it's still good for me since my withholdings are $0.
If your income was from work in NY and as an employee, you are expected to pay NY taxes.So I did my federal return and it was easy. Uncle Sam owes me 4 figures! (I was withheld at the same rate as full time salaried employees, but only worked over the summer).
I have a question about state though. I worked in NYC, but lived/went to school for most of the year in PA. I also have a permanent address in OH. I was only withheld NY city and state tax. Will I need to file in either PA or OH? Or just NY?
Also, I never had an official NY address, and I don't think I was legally a NY resident in 2010. Am I still subject to the NYC tax? If not, do I pay city tax elsewhere?
Thanks a lot!
How is local tax paid by your employer?
I got a new job about a year ago and my locality was set to City A, which is 2.5%.
I actually work in City B, which is 1%.
I live in a 1% district (is that separate?).
Can I get a refund of 1.5%?
Also, does my company just forward this money to City A automatically?
Yeah, I was just looking for a general answer. I'm sure most states are similar.This is a state/local tax question. You would be best to contact the local tax offices for the state and/or ask you employer
If you only file a return into the State, then you should be able to account for the difference in locality tax rates and get the refund from the state. The state will then forward you "payments" tot he local taxing authority.Yeah, I was just looking for a general answer. I'm sure most states are similar.How is local tax paid by your employer?
I got a new job about a year ago and my locality was set to City A, which is 2.5%.
I actually work in City B, which is 1%.
I live in a 1% district (is that separate?).
Can I get a refund of 1.5%?
Also, does my company just forward this money to City A automatically?
This is a state/local tax question. You would be best to contact the local tax offices for the state and/or ask you employer
Are you talking about the car sales tax deduction? The sales tax or income tax deduction has been an option for a while as far as I know and it still is.
You are correct however the sales tax deduction as in all sales taxes paid was set to expire at the end of 2010. I saved my receipts this year knowing I might have a chance to use them.
I have a question as well.
I got married in November of this year. We currently are renting a studio apartment in a personal residence. We also, thankfully, have no children. Is there anything special that I should know/do since this is the first year I have been married?
Extra info:
- 1 car payment
- 3 student loan payments
- 5 credit card payments (need a good return to close some of those!)
- I commute 20 miles a week to work, wife commutes about 100 miles.
- No major interest bearing accounts and only one retirement account (Georgia's Teacher Retirement System - not a 401k)
Any help or hints is greatly appreciated!
The only major change for you now will be filing jointly, but only if it helps lower your tax bill. You may want to do your taxes "married, filing seperate" and then compare the two results to "married, filing jointly"
Also, of the extra info you noted, only the student loan interest is deductible AND ONLY IF you file "married, filing jointly". You lose the deduction if you file seperately.
Well if it is a reimbursement, I don't think you have to do anything.Question about college tuition and job reimbursement for it.
My employer refunds college tuition up to a certain amount as long as you get an acceptable grade. The course I took last semester is considered job related so after going through the IRS's guidelines on employers paying for tuition it appears that it is not taxable.
However, I paid the tuition in 2010 and got the refund in 2011. Does this complicate anything with my taxes for either year?
Question about college tuition and job reimbursement for it.
My employer refunds college tuition up to a certain amount as long as you get an acceptable grade. The course I took last semester is considered job related so after going through the IRS's guidelines on employers paying for tuition it appears that it is not taxable.
However, I paid the tuition in 2010 and got the refund in 2011. Does this complicate anything with my taxes for either year?
Much will depend on if the employer tags it on the W2 as income.
If identified, then claim the tuition against it.
If not, then it is a wash
On the documentation that HR gave me they said that they were reporting it as non-taxable so hopefully everything will work out.
I assume that if I am getting reimbursed for it I'm not eligible for the tax credits for tuition. I'll check when I file but I assume there's something in there about not being applicable if you're getting reimbursed for the costs of the class.
My only issue is, why are you still getting the Child Tax Credit without being able to claim your daughter? Do you have another child that you are claiming? If it is only you on the return and you are not claiming her, your personal exemptions should be $3,650 on your return (only yours).hey peoples
I'm starting to do my taxes on turbotax based off my last paycheck. I have a dependent child that i am NOT claiming because it is her father's year to claim her. i marked the box that states i am not claiming her but i did fill out the section "you and your family". I qualified for the EIC for only $52. the "making work pay" credit for $400 and the "child tax credit" for $1000.
usually when you claim a dependent child the EIC is like $3000. i just wanted to make sure that i most definitely DID NOT claim her so i dont mess up her Dad's taxes when I file them for him when he gets his w-2s.
does anyone know a lot about turbotax and/or filing taxes to make sure that i wont get into trouble or get audited? im pretty sure i did everything correctly because the EIC was so small... but i thought id ask for some help before filing!
thank you all
hey peoples
I'm starting to do my taxes on turbotax based off my last paycheck. I have a dependent child that i am NOT claiming because it is her father's year to claim her. i marked the box that states i am not claiming her but i did fill out the section "you and your family". I qualified for the EIC for only $52. the "making work pay" credit for $400 and the "child tax credit" for $1000.
usually when you claim a dependent child the EIC is like $3000. i just wanted to make sure that i most definitely DID NOT claim her so i dont mess up her Dad's taxes when I file them for him when he gets his w-2s.
does anyone know a lot about turbotax and/or filing taxes to make sure that i wont get into trouble or get audited? im pretty sure i did everything correctly because the EIC was so small... but i thought id ask for some help before filing!
thank you all
EDIT: I ask the above questions as you have to have a qualifying child AND be claiming him/her to qualify for the Child Tax Credit.
i am single. i am filing as single. i could claim head of household because i AM the head of my household but it didnt even give me that option... her father lives on his own, as do i. it asked me if i have a dependent child which i do. i skipped that portion entirely at first until it brought me to a different section. it said that she qualifies me for the child tax credit but it also said that she doesnt qualify me for the EIC because someone else will be claiming her this year. i could take a screen shot and show you. i claimed her last year which made my EIC go up to like $3050. this year it is only $52. i dont even remember there being a child tax credit last year or the making work pay credit either.