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TAX-AIDE Child Tax Credits Both a non-refundable and a refundable credit
TAX-AIDE Two Credits #1: Child Tax Credit Nonrefundable Up to $1,000 per qualifying child NTTC Training – 2014 2
TAX-AIDE Two Credits #2 Additional Child Tax Credit Refundable Maximum Credit 15% of earned income over $3,000 Up to unused portion of child tax credit NTTC Training – 2014 3
TAX-AIDE Earned income for CTC Resource Guide page I-1 NTTC Training – 2014 4
TAX-AIDE Qualifying Child ● Must be a dependent: A qualifying child NOT a qualifying relative ● Under age 17 ● U.S. citizen, national or resident alien NTTC Training – 2014 5
TAX-AIDE Child of Divorced...Parents ● Must be a dependent, so CTC goes with dependency to noncustodial parent ● See also Form 8332 NTTC Training – 2014 6
TAX-AIDE Qualifying Child Chart: NTTC Training – 2014 7
TAX-AIDE Entering in TaxWise ● Main Information Sheet NTTC Training – 2014 8 If the birthday is correct so the age is under 17...
TAX-AIDE Entering in TaxWise ● Main Information Sheet NTTC Training – 2014 9 and relationship makes him a qualifying child...
TAX-AIDE Entering in TaxWise ● Main Information Sheet NTTC Training – 2014 10 and he lived with taxpayer more than ½ the year...
TAX-AIDE Then... TaxWise will calculate the credit NTTC Training – 2014 11
TAX-AIDE Note ● Remind taxpayer that credit will disappear when child turns 17 ● 2014 is last year for those with birthday in 1998 NTTC Training – 2014 12
TAX-AIDE Child Tax Credit NTTC Training – 2014 13 Questions? Comments?
TAX-AIDE Child Tax Credits Both a non-refundable and a refundable credit 1NTTC Training – 2013.
Child Tax Credit (CTC) 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits CTC is nonrefundable.
TAX-AIDE Child and Dependent Care Credit A non-refundable credit NTTC Training –
TAX-AIDE Earned Income Credit A refundable credit.
The child tax credit is a nonrefundable credit that allows taxpayers to claim a tax credit of up to $1,000 per qualifying child, which reduces their.
Child Tax Credit Child Tax Credit is one of the major refundable tax credit The maximum amount taxpayers may claim for the nonrefundable child tax credit.
CREDITS: DEPENDENT CARE, CTC, ETC. NON-REFUNDABLE CREDITS Non-refundable credits reduce the amount of tax owed. If no tax is owed, or if the credit.
Dependent Care Credit 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits Dependent Care Credit.
TAX-AIDE Other Non- Refundable Credits Pub 4491 – Part 5 Pub 4012 – Tab G Form 1040Lines 51, 53, 54 NTTC Training –
Child Tax Credits - Non Refundable Additional CTC – Refundable Pub 17 Chapter 34 Pub 4012 Tab G LEVEL 2 TOPIC Child Tax Credit v1.0 VO.ppt 11/30/20101NJ.
Earned Income Tax Credit (EITC) 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits 2.
Child Tax Credits - Nonrefundable Additional CTC – Refundable Pub 4012 Tabs G Pub 17 Chapter 47 (Federal 1040-Lines 52 & 67) NJ TAX TY2014 v11.
1 NTTC TRAINING 2009 LESSON 30: EARNED INCOME CREDIT PUB 4012 TAB H 1040 LINE 64A PUB 17 CHAPTER 36.
VITA: 01/17/09 Lesson 26: Child Tax Credit Winter 2008 Kristina Shroyer.
TAX-AIDE Standard Deduction Pub 4491Page 195 Pub 4012Tab F NTTC Training –
1 NY 3 NEW YORK TRAINING 2010 NY CREDITS NYS PUB 99-IND INDIVIDUAL CREDIT INSTR.
NY-3 NY TRAINING NY CREDITS OVERVIEW OF NY CREDITS REF: NYS PUB 99-IND INDIVIDUAL CREDIT INSTR.
TAX-AIDE State/Local Income Tax Refunds Form 1040Line 10 Pub 4491Page 69.
1 NTTC Training 2012 Non-Refundable Credits (Part 1) Tax credits that reduce the calculated income tax, but not below zero Foreign Tax Credit Child and.
TAX-AIDE Unique Filing Status and Exemption Situations Taxpayers who are not U.S. Citizens – Pub 4491 – Part 2 NTTC Training – Entire Lesson.
NY-3 NY TRAINING NY PART YEAR RESIDENT REF: NY PUB 88 NY PUB 80 IT 203 INSTR.
Lesson 6 Child Tax Credit. Objectives Calculate the Child Tax Credit using the child tax credit worksheet Calculate the Additional Child Tax Credit by.
Dependency Exemptions Pub 4012 Tab C Form 1040 Lines 6 Pub 17 Chapter 3 LEVEL 2 TOPIC Dependency Exemptions v1.0 VO.ppt 11/30/20101NJ Training.
TAX-AIDE Other Non- Refundable Credits Pub 4491 – Pg 259 Pub 4012 – Tab G Form 1040Lines 50, 52, 53 NTTC Training –
CREDITS: EARNED INCOME CREDIT. EARNED INCOME CREDIT The Earned Income Credit (EIC) is a refundable tax credit available to certain taxpayers who work.
EKS Training. Houseke eping Classroom ground rules o Ask when unsure o Do not be disruptive when instructor is teaching o No side conversations: if you.
Addition 1’s to
Standard Deduction and Tax Computation. Line 40 – Standard Deduction Use interview techniques and other tools to determine if the standard deduction or.
Test B, 100 Subtraction Facts
Lesson 2 Filing Status and Filing Requirements. Objectives Apply the requirements for each of the five filing statuses Determine who must file Determine.
Addition Facts = = =
VITA: 01/17/09 Lesson 19: Standard Deduction and Tax Computation Winter 2008 Kristina Shroyer.
VITA: 01/17/09 Lesson 23: Credit for Child and Dependent Care Expenses Winter 2008 Kristina Shroyer.
Lesson 5 Earned Income Credit (EIC). Objectives Determine which taxpayers are eligible for the earned income credit using Publication 4012 and Form
Lesson 23 Credit for Child and Dependent Care Expenses.
1 NTTC/TRS Training Dallas 2009 TaxWise Tips Hopefully helpful items.
TAX-AIDE Exemptions Pub 4012 Tab C Pub 4491, Pg 35 NTTC Training –
1 OR Tri-County Training 2014 Filing Status and Dependency Review Married, Single, and More Exemptions Qualifying Children and Relatives nd More Pub 4012.
Jeopardy Filing StatusDependentsIncome Deductions & Credits Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy Miscellaneous.
2/27/2016NJ Training TY Dependents Exemptions Module NJ 1.6 Pub 17 – Chapter 3 Pub Tab C.
TAX-AIDE Alimony Income Form 1040Line 11 Pub 4012Page E-3 Pub 4491Page 70.
TAX-AIDE Miscellaneous Credits Pub 4012 – Tab G & Extenders Tab Pub 4491 – Part 5 – Lesson 27 and Part 2 – Lesson 2 (Extenders)
TAX-AIDE Payments Pub 4491 – Part 7 Form 1040 – Lines NTTC Training –
Tax Credits for Working Families Tax Year Types of Credits Refundable Credits – Taxpayer receives full amount of credit they are entitled to, whether.
NY-3 NY TRAINING IT 201 NEW YORK STATE RESIDENT RETURN REFS NYS PUB 80 NYS PUB 99-IND IT-201 INSTR.
TAX-AIDE Education Benefits NTTC Webinar – Oct
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