What was the EIC in 2008?
The maximum federal EITC benefit for the 2008 tax year is $4,824 for families with two or more children and $2,917 for families with one child. The greater EITC benefit for larger families reflects recognition that larger families face higher living expenses than smaller families.
What was the child tax credit in 2008?
Refundable credits can result in a net payment, or refund, to the taxpayer beyond what he or she actually owes in taxes. A family’s additional child tax credit in 2008 is equal to 15 percent of all earnings above $12,050, up to the maximum $1,000 credit per child.
How much earned income credit will I get?
2020 Earned Income Tax Credit
| Number of children | Maximum earned income tax credit | Max earnings, single or head of household filers |
|---|---|---|
| 0 | $538 | $15,820 |
| 1 | $3,584 | $41,756 |
| 2 | $5,920 | $47,440 |
| 3 or more | $6,660 | $50,954 |
What is the income limit for earned income credit 2020?
Tax Year 2020 (Current Tax Year)
| Children or Relatives Claimed | Maximum AGI (filing as Single, Head of Household or Widowed | Maximum AGI (filing as Married Filing Jointly) |
|---|---|---|
| Zero | $15,820 | $21,710 |
| One | $41,756 | $47,646 |
| Two | $47,440 | $53,330 |
| Three | $50,594 | $56,844 |
How much was the original Child Tax Credit?
The original credit was $400 per child under age 17 and was nonrefundable for most families. In 1998, the credit increased to $500 per child under age 17. The CTC was increased and made refundable in 2001 to coordinate with the earned income tax credit (EITC).
What line is earned income on 1040?
Line 1
On Form 1040, find Line 1 on the middle of the first page. If you were NOT self-employed, and only received pay from your employer(s), that’s your 2019 earned income. If you were self-employed, even for just some of the year, find Schedule 1.
What was the Child Tax Credit in 2009?
The federal Child Tax Credit can provide a family up to $1,000 in tax assistance for each qualifying child under age 17. 2. Who is eligible for the Child Tax Credit? Have adjusted gross income (AGI) during 2009 below specified limits, depending on filing status and number of qualifying children (see Question 3).
What does it mean to have earned income credit?
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $54,884. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe.
What is the maximum earned income tax credit?
Tax Year 2020 (Current Tax Year) Children or Relatives Claimed Maximum AGI (filing as Single, Head of H Maximum AGI (filing as Married Filing Jo Zero $15,820 $21,710 One $41,756 $47,646 Two $47,440 $53,330 Three $50,594 $56,844
How much can I deduct on my tax return for 2008?
You and your spouse, if filing jointly, may each be able to deduct up to $5,000 ($6,000 if age 50 or older at the end of 2008). MAILING YOUR RETURN
What makes up earned income on federal taxes?
Earned income includes all the taxable income and wages you get from working for someone else, yourself or from a business or farm you own. If you claim nontaxable combat pay as earned income, it may increase or decrease the amount of your EITC. For more information, see Publication 3, Armed Forces Tax Guide.