child tax credit, age 17 cutoff
jiggreen
18 years ago
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pompeii
18 years agojoyfulguy
18 years agoRelated Discussions
Why no child tax credit?
Comments (21)Do you have a flexible saving account for dependant care? Child & Dependent Care Credit - Limit with ER Benefits Although there are expenses in excess of the $5,000 of dependent care benefits, there is no credit when the dependent care benefit exceeds $3,000. The reason for this is that the maximum allowable expenses that can be used for the credit is $3,000. You have actually received a tax benefit for a total of $5,000 in expenses by using the dependent care benefit. Therefore, there is no expense that remains allowable for the credit. The amount of the dependent care benefit disqualifies you from the child tax credit. Lines 28 - 32 of the Form 2441 will show this. If you have, for example, a dependent care benefit amount of $2,000 with the $7,169 of expenses, only $1,000 would be allowed for the calculation of the credit. The IRS does not allow the maximum dependent care benefit of $5,000 plus an addition of the maximum credit amount of $3,000 for the child. The dollars used for the benefit and the credit are overlapping. Generally speaking, depending on the level of your income, the $5,000 in dependent care benefit is a better deal for an individual than the credit....See MoreTake the Tax Credit or Wait??????
Comments (13)It is clear that you understand that the tax credit is , in fact, real money ( as you pay taxes)- albeit you don't realize it until April 15, 2011. As to 'taking money from the gov't'.. I view it as 'keeping more of your own money'.. Especially when all the incredible wasteful spending and idiotic programs benefit very very few tax paying individuals. It should be borne in mind that it is gov't regulations requiring the switch from R22 that is causing homeowners to bear a huge cost to replace whole systems versus repairing existing systems ( due to incompatibility of outdoor/indoor units - R22 vs. R410A). Individuals are bearing an enormous cost to 'save the planet'. Given the track record of current administration, I find it doubtful that they will renew the existing tax credit program. At some point, people will realize that money is not free and one should not discount that many of these programs are political in nature and eventually politics runs its' course and they move on. Whether it is worthwhile program could be debated - but won't change the facts that it is there and in place- now. Once allocated funds are exhausted it will end or any excess monies will go to some other program Given the age of your systems - I think it is clearly a case of 'pay me now' or 'pay me later' with the caveat that if take the former- you get an overall reduced cost and a new upgraded system that extends the life ( and reduction of future expenditures) of your home. If anyone would guarantee another 10-15 years on your existing system, I would have another opinion, but I think it is reasonable to assume that the life of your current system is at the top of range of its' life expectancy....See MoreQuotes 10 - 25 - 17
Comments (2)The chief enemy of creativity is 'good' sense. Pablo Picasso Good sense if greatly overrated but it helps one navigate the mundane, without it who knows where one ends up -...See MoreQuotes 12 - 16 - 17 : 3, Kodaly, Coward, Pritchett, Mead, Kempton
Comments (1)Noel Coward always makes me chuckle. Margaret Meade: " We can't have a society if we destroy the environment"....See Morescryn
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