How much are children worth on taxes

how much are children worth on taxes

Answers

Best Answer: Child worth on income tax NOTHING unless you have enough TAXABLE income so that you would have a income tax liability $$$ amount on your federal income tax return.

Then each exemption on the income tax return would reduce your adjusted gross income by the exemption amount that is allowed for each 1 in your state your exemption would also be used for the same purpose.

On your federal income tax return for the 2010 tax year each exemption was 3650.

For 2011 tax year when the tax return in filed in the year 2012 each exemption will reduce your AGI by 3700 to arrive at your TAXABLE INCOME $$$$ amount.

For your state information you should contact you taxing authority or go to your state website and get the tax forms and instruction to get the correct amounts.

For any of the REFUNDABLE tax credits that are available to taxpayers that have some QUALIFYING EARNED income that

you worked for the amounts will depend on the AMOUNTS OF THE EARNED income that you earned and the child would increase your REFUNDALE credit amount IF you qualify for the EITC or any of the other REFUNDABLE credit amounts.

And some states do have some of these credits available also to qualifying taxpayers.

And of course they also have some NONREFUNDABLE credits that could be available to you if your QUALIFY for them and have the QUAIFYING earned income for this purpose and if you have a federal income tax liability on the page 2 of your 1040 income tax return line 43 Taxable Income $$$$ AMOUNT and LINE 44 TAX $$$ amount of your income tax liability for the tax year then the NONREFUNDABLE tax credits amount would be used to reduce your income tax liability down and possible could go as far as -o- ZERO income tax liability for the tax year.

Hope that you find the above enclosed information useful.

Source: answers.yahoo.com

Category: Taxes

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