Income Tax Rules And Regulations
May 23rd, 2009Question: 2010 Child Tax Credit?
I’m sooo confused!!
I’ve been told that this year low income families will be eligible to receive $3,000 from the child tax income credit. Yet I can’t find anything on-line about this & knowing little to nothing about taxes to begin with I’m just going around in circles.
I’m 23, a single mom, live in Michigan, and had my son in January but have only worked 4mos this year earning approximately $2,500. Do I qualify? What am I looking at getting back? I know it’s a little early to be worrying about this but again, I live in Michigan & knowing the kind of money that I’m looking at having is essential to my survival. Does anyone do taxes for a living or is familiar with the rules & regulations regarding this years taxes?
Please help!
I expected that what I was told was wrong. It sounded absurd. However, I’ve heard it from about 4 people & it really started to pique my curiosity.
Although none of those people have kids. Haha
Answer: the child credit for 2009 is $1000 and applies to your tax liability(and yes, your sources don’t know what they are talking about)
if you have none it is not used
you may be entitled to the EIC, if you had earned income and with a child in your home under 17, if this applies to you then you possibly will be eligible for ‘additional child credit’(which is the remainder of the $1000 that wasn’t used to reduce your tax liability)
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