tax question - anyone with kids?

[sofarindebt]

do you know how the child tax credit works? I thought it was $2500 off your income per child, and then $1000 per child off the "bottom line" of what you owe, is this correct?

Thanks!

[AMISLANDER]

do you know how the child tax credit works? I thought it was $2500 off your income per child, and then $1000 per child off the "bottom line" of what you owe, is this correct?

Thanks!

I will be looking into this as I get the "child credit" because I have children....I don't know the whole logistics but I'm about to start on it before long. I have received it in the past....

[JollyGG]

I filed with turbo tax and that sounds right.

Here is what turbo tax had to say about dependent exemptions and child tax credit.

About the Dependent Exemption

You receive a $3,300 deduction for each of your dependents. The dependent exemption is similar to the personal exemption you receive for yourself (and your spouse if married and filing jointly).

Like the personal exemption, the dependent exemption is limited for those with higher incomes. Phase-out of the deduction begins at certain income levels.

Your Child Tax Credit

A child tax credit is available only to taxpayers with at least one qualifying child.

The maximum credit is $1,000 per qualifying child.

If you have more than $11,300 of earned income, or you have three or more qualifying children, and you are not able to claim the full $1,000 child tax credit for each child because of tax liability limitations, you may be able to claim the child tax credit as a partially refundable credit that will reduce your tax liability or increase your refund.

[SamanthaJones]

Try taxact.com

Free to file, you only pay to print your copy, it's like the enitire tax code in a nutshell, it asks you questions and does the rest. Includes free efiling, also. $12.95 to print your form and do the state form. I have a very complicated tax situation and did my own taxes by hand, then used taxact- the two versions were only off by $3 on the bottom line. Smokin' deal in this day and age.