A list of all the blog posts on the TaxAudit blog - keeping you up-to-date on tax issues that may affect your life.
The child support calculation presumes the person who has the children most of the time will be able to claim the children on their tax return as a deduction in Tennessee. This means the person paying the child support, if they are not the primary residential parent, may be taxed on the...
If you were eligible to claim the CTC on prior year returns but didn’t do so, you may be able to claim it byfiling an amended tax returnwithin three years following the date you filed your original return or two years from the date you paid the tax, whichever is later. Other Depende...
In 2021, the American Rescue Plan was put into place, increasing the payments on the credit and creating advanced payments to parents. In this case, the custodial parent noted on the tax return from the previous year was the individual who received the advanced payments. Consider Also:...
Other factors that affect the amount of child support paid include: The amount of time each parent spends with the child Tax factors The number and age of children living in the home Education and child care needs The child’s special needs ...
How long child support is paid; Under what conditions child support may be modified or stopped (because for some children, it may extend beyond age 18). Making the list of what is not resolved by using the calculator longer and longer. ...
People claiming the Additional Child Tax Credit and the Earned Income Tax Credit may wait longer for their refunds. The EITC is fully refundable, meaning that the taxpayer will receive a refund even if no taxes were paid. The ACTC is refundable, but only to the extent of paid taxes, inclu...
Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax de...
To support your claim for the credit, keep records for your work-related expenses. Also, if your dependent or spouse can't take care of themselves, be sure your records show the nature and length of the disability. If the care provider information you provide on your tax return is incorrec...
Be claimed as a dependent on thefederal tax return Not have provided more than half of their own financial support Have a Social Security number3 Child Tax Credit vs. Additional Child Tax Credit The Child Tax Credit isnon-refundable, which means the credit could reduce your bill to zero, bu...