Originally Posted By WilliamK99 OK, let's say someone has a yearly taxable income on zero. Would they still qualify for the child credit that you get on your taxes or would we get zero back because we had zero taxable income. I had a few people ask me that question here and I don't know and trying to go through the IRS site is painful.
Originally Posted By X-san If I were you I'd page SuperDry on this one...he's very savvy about this stuff. Are you talking about that one time rebate thing, or just the regular child tax credit? The rebate (600 bucks plus 300 more for a kid) depends on actual earned income rather than whether it was taxed or not, I think. But I'm really not sure, so I'll chime out now. Good luck!
Originally Posted By Mrs ElderP Earned Income Credit you can get from the feds at Tax Refund time, even if you have no taxable income and have not paid taxes. You are more likely to make the earned income credit tax threshold with children. As far as I know the per child tax credit is only to the limit of your tax liability. If you have not paid taxes then you don't get anything back per child. That's my understanding.
Originally Posted By DVC_dad I'm not too sure either. I am told that a credit reduces the amount of taxes you owe AFTER your taxable income is figured, and that a deduction simply makes some expense not taxable. If it is a credit, you may be able to get a refund, but if it is a duduction or allowance, you won't get jack. But something else you may want to know... that I know to be true first hand...and you didn't ask about this but... To get the rebate you MUST file a return, even if you have ZERO taxable income or YOU WILL NOT GET the rebate. I have that both from plain print on www.irs.gov and from a Revenue Officer first hand. So file a return anyway. <a href="http://tinyurl.com/58439b" target="_blank">http://tinyurl.com/58439b</a> (IRS FAQ on REBATE) <<<“The stimulus payments are automatic for eligible taxpayers who filed a 2007 tax return, and taxpayers do not need to take any additional action to receive the payment.â€>>> You still have plenty of time to file a 2007 return even if you didn't file an extension.
Originally Posted By DVC_dad Here is info on the Child Tax Credit, and there are other links here that should answer the question. <a href="http://www.irs.gov/taxtopics/tc606.html" target="_blank">http://www.irs.gov/taxtopics/tc606.html</a>
Originally Posted By DVC_dad Here is greater detail. <a href="http://www.irs.gov/publications/p972/ar02.html#d0e179" target="_blank">http://www.irs.gov/publication...l#d0e179</a> Good luck.
Originally Posted By DVC_dad The money shot... <<<This credit is for certain individuals who get less than the full amount of the child tax credit. The additional child tax credit may give you a REFUND EVEN IF you do NOT OWE any tax. >>> This is from the link above ^^^
