By Barbara Weltman

ISBN-10: 1118233506

ISBN-13: 9781118233504

AARP electronic variants give you useful assistance, confirmed options, and specialist advice.

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Additional info for AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible

Sample text

MAGI for purposes of the child tax credit means AGI increased by the foreign earned income exclusion, the foreign housing exclusion or deduction, or the possession exclusion for American Samoa residents. The credit amount is reduced by $50 for each $1,000 of MAGI or a fraction thereof over the MAGI limit for your filing status. 2. 2 Phaseout of Child Tax Credit over MAGI Limits in 2010 Filing Status MAGI Limit Married filing jointly $110,000 Head of household 75,000 Unmarried (single) 75,000 Qualifying widow(er) 75,000 Married filing separately 55,000 Example In 2010 you are a head of household with two qualifying children.

The credit is currently up to $1,000 per child. This credit is in addition to the dependency exemption for the child. Benefit You may claim a tax credit of up to $1,000 in 2010 for each child under the age of 17. If the credit you are entitled to claim is more than your tax liability, you may be entitled to a refund under certain conditions. Generally, the credit is refundable to the extent of 15 percent of earned income over $3,000 in 2010. If you have three or more children for whom you are claiming the credit, you are entitled to an additional child tax credit.

Where to Claim the Personal Exemption You claim the exemption directly on your tax return in the “Tax and Credits” section of Form 1040 or the “Tax, Credits and Payments” section of Form 1040A; no special form or schedule is required. If you are filing Form 1040EZ, the exemption amount is built into the tax table (you can file this return only if you are single or married filing jointly with no dependents); you don't have to subtract it anywhere on the return. If your AGI exceeds the beginning of the phaseout range, use a worksheet in the instructions for the return to figure the phaseout of your exemption.

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AARP J.K. Lasser's 1001 Deductions and Tax Breaks 2011. Your Complete Guide to Everything Deductible by Barbara Weltman


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