Child Tax Credit Vs. Earned income Credit

Budget101 Discussion List Archives Budget101 Discussion List Child Tax Credit Vs. Earned income Credit

Viewing 0 reply threads
  • Author
    Posts
    • #257747

      Both credits are based on income.

      eic is for lower-income people – it is possible for single people to

      recieve it if they’re income is very low. eic can be claimed for

      non-dependents (in other words — child lives with you but other

      parent claims child).

      child tax credit has a much higher cut-off and you must be claiming

      a child that is 16 or younger as your dependent.

      The addt’l $300 applies the same as the child tax credit — child

      must be your dependent on the tax return and must be 16 or under.

      BUT if anyone did not recieve the full amount of rebate check, they

      will have another chance on their 2008 return — this is why the

      letter you recieve from the IRS says to keep the letter to aid in

      doing your 2008 return. The letter should also say where your money

      went, if it was intercepted for debt.

      You can find all sorts of answers on irs.gov.

      Peggy (tax preparer for 11 years)

      — In Budget101_@yahoogroups.com, “maria”

      wrote:

      >

      > On the stimulis checks you can get a 300.00 additonal pay if you

      have a

      > child tax credit. I was under the impression the Earned income

      credit

      > and the child tax credit was the same thing.Today I found out that

      its

      > not…Can some one tell me the diffrence?I filed for the Earned

      income

      > credit so I won’t get the additional 300.00.

Viewing 0 reply threads
  • You must be logged in to reply to this topic.

Budget101 Discussion List Archives Budget101 Discussion List Child Tax Credit Vs. Earned income Credit