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hpymomof3
02-17-2008, 01:41 PM
Is anyone knowledgable about taxes. Is the amount that makes you eligible for child tax credit the same for filing single or as a couple? Our taxes got really messed up this year and it looks like we will owe $5000!
Renee in FL
02-17-2008, 01:52 PM
Do you mean as married filing separetly?

Have you tried redoing your taxes in another format?

Are you self-employed or did your income jump dramatically this year? Sell stocks, cash out retirement, etc.?
jail warden
02-17-2008, 02:03 PM
You can earn more money as a couple and still receive the child tax credit.

Did someone else do your taxes or did you do them? If you did them yourself, I would file it both ways for pretend and see which way is best for you.
hpymomof3
02-17-2008, 02:04 PM
I don't have an income. We file jointly. My dh received a bonus in January of 2007 that he was supposed to get in December of 2006. This made his income go up more than we expected for 2007. It looks like we won't be elgible for the child tax credit.
Renee in FL
02-17-2008, 02:06 PM
I don't have an income. We file jointly. My dh received a bonus in January of 2007 that he was supposed to get in December of 2006. This made his income go up more than we expected for 2007. It looks like we won't be elgible for the child tax credit.

Then filing separately will not change anything. You only get child tax credit if you have an income - if you have no income, then you get no credits.
Kathy in MD
02-17-2008, 02:17 PM
The income and capital gains generated from those accounts is normally divided 50/50 between spouses for tax purposes.
Renee in FL
02-17-2008, 07:35 PM
The income and capital gains generated from those accounts is normally divided 50/50 between spouses for tax purposes.


Good point! I was assuming that all the income was from the husband's job, but you are right! If the assets are held jointly, then the income is held jointly. I don't know about community property states since I don't live in one.

I agree with whoever said above to figure it both ways.
HiddenJewel
02-17-2008, 08:24 PM
Are you talking about the child tax credit on 1040 line 52? Isn't the upper limit for married filing jointly $110,000 (pg 39 of 1040 intructions)?

Maybe I just totally read your question wrong. If so, I apologize. I never have any income and we have always been eligible for the child tax credit. Thus my confusion.