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brit306
Jan 3, 2007, 05:23 PM
I was just wondering how much money you get back per child on taxes this year.

AtlantaTaxExpert
Jan 3, 2007, 05:59 PM
Depends on how much you make.

Each child's exemption is a deduction of $3,300. If you are in the 10% tax bracket, that means $330 less in tax per child. However, each child under age 17 is also good for $1,000 Child Tax Credit.

Plus, if you make less than about $32,000, your family will qualify for an Earned Income Credit.

If your Adjusted Gross Income hits about $225,000, you begin to LOSE all the personal exemptions for yourself and the children.

J_9
Jan 3, 2007, 06:00 PM
What is the EIC amount this year?

AtlantaTaxExpert
Jan 3, 2007, 06:12 PM
I cannot tell you that off the top of my head. It depends on:

- Your total income.

- How many children are involved.

- Age of the children.

- Your marital status.

Provide that information and I can do a rough calculation.