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Child Tax Credit

The Child Tax Credit is a credit offered by the IRS that may reduce your tax liability by as much as $1,000 for each of your qualifying children. However, it is important to note that the Child Tax Credit is a nonrefundable credit which...

Can I deduct child support?

No, child support payments are not a deductible expense for the payer nor considered taxable income to the payee ( spouse that receives the child support payments ).

Georgia Adoption of a Foster Child Credit

Georgia provides an income tax credit for the adoption of a qualified foster child. The amount of the credit is $2000.00 per qualified foster child per taxable year, commencing with the year in which the adoption becomes final, and ending...

NY Long Term Care Insurance Credit – IT-249

If you paid premiums for qualified long-term care insurance, you may claim a credit against your personal income tax equal to 20% of the premiums paid during the tax year for the purchase of or for continuing coverage under a qualifying...

Minnesota Long Term Care Insurance Credit (M1LTI)

You may be able to claim a credit against tax based on any premiums you paid in 2013 for a qualified long-term care insurance policy for which you did not receive a federal tax benefit. To qualify, your long-term care insurance policy must...

How do I claim the Additional Child Tax Credit?

This credit is automatically calculated by the TaxSlayer software based on the information entered in your return. To see the result of your Additional Child Tax Credit, please select "Summary" from the navigation bar followed by "Show

What are the qualifications for claiming a person as a Dependent or a Qualifying Child on my return?

Individuals who rely on you for support and reside in your house generally qualify for dependent tax exemptions. However, there are situations when a child's exemption status is more complicated. The IRS has special rules...

Form 8853 - Long Term Care (LTC) Insurance Contracts: What is "Qualified"?

Qualified LTC Contracts A qualified long-term care (LTC) contract is a contract issued: After December 31, 1996 that meets the requirements of section 7702B (see below), including the requirement that the insured must be a chronically ill...

Arkansas Early Childhood Program

Arkansas allows an Early Childhood Credit for individuals with a dependent child placed in an approved child care facility while the parent or guardian worked or pursued employment. This credit is equal to 20% of the federal Child Care...

Maine Credits

Child Care Credit Your child care provider may be certified as a Quality Child Care Program facility by the Department of Health and Human Services (DHHS), Office of Child Care and Head Start. If so, you will be...