Make your own free website on Tripod.com

CHILD CREDITS


Each qualifying child under 17 years of age can get you a credit, beginning in 1998 (claim on your tax return in 1999). You may claim a maximum credit of $400 per qualifying child and in later years it increases to $500. The credit is phased out by $50 for each $1,000 of your modified adjusted gross income in excess of $110,000 for married filers or $75,000 for singles. Generally the credit is limited to your tax liability after all credits are applied (other than the EIC); however, if you have more than 2 children you may get a credit in excess of your tax liability. You are required to provide the name and ID number of each qualifying child on the return.