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Child tax credit and credit for other dependents worksheet Form: What You Should Know

For non-custodial parents, deduct the credit from your income in its entirety if the number is over 6,000 (19,950 for married taxpayers filing separately). 3. If a child is listed in item (a) (indicating he or she was born of a citizen or long‑term resident of the U.S.), claim the credit for all of that child's income in his or her first taxable year or when he or she is age 25, whichever is later, up to a maximum rate of 25% of the child's adjusted gross income. 4. If a child qualifies as an eligible dependent because of the following, claim the credit for a child in his or her first taxable year: a. The child's birth occurred during or within 1/2 of the calendar year or under a 1/2 year extension of time under section 642(e) of the Internal Revenue Code. b. The child was born during or within 1 year (through age 18) of the month in which he or she turns 25. If the child turns 25 after January 1, 2019, claim the credit for the first calendar year he or she was under age 25. If the child turns age 25 before January 1, 2019, claim the credit for the first calendar year he or she was age 25 or under. 5. You can choose to exclude, reduce or increase the amount of the child tax credit in accordance with the instructions for line 10 of Form 1040, Schedule 3, line 22 or lines 29, 30, 31, 33, 34, 35, 36, 38, 39, and 40 of Form 3115, or by the following method. 6. Do NOT claim an increased child tax credit if the child has a qualifying student, or the child is eligible for the education credit under section 529 or the home education credit under section 529(b)(3). 7. Do NOT claim an increased child tax credit if the child is a dependent of another taxpayer, or the child's base exemption amount is over 5,000 in the year(s) for which  publication 972 is filed (or under the following rules, if filed  between Oct 17, 2017, and Jan 5, 2018). 1. If the child's base exemption amount amounts to less than 5,000, claim an increased child tax credit. 2.

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FAQ - Child tax credit and credit for other dependents worksheet

Whatu2019s the maximum number that you can claim on your W4 to break even and not owe any taxes next year?
Letu2019s be clear here:A W-4 form is NOT A TAX BILL. It has NOTHING to do with how much taxes you owe.All the W-4 does is insure that sufficient money is withheld from your paycheck to cover the tax debt you will owe that year. Whatever you put on the W-4 will have no affect whatsoever on the actual tax liability you have.How your tax liability (i.e. the total amount of money you much pay in income tax to the IRS) is dependent on a whole host of other things.What the W-4 provides is nothing more than a u201cguessu201d as to what this tax liability will be, so that the proper amount of money is regularly withheld to cover this liability. If you donu2019t properly withhold during the year (i.e. make regular proper-sized payments), you can assessed a fine by the IRS.How you compute the number of exemptions for the W-4 is completely dependent on your own tax situation, and cannot in any way be generalized to provide a generic answer. All you are doing with the W-4 is trying to estimate so that the amount that youu2019ve had withheld during the year closely matches your tax liability come April 15th.
How would libertarians approach tax reform?
First, I object to all taxes on moral grounds. They are theft. Stolen money has a way of tainting all it touches. Yes, thatu2019s a bit esoteric, but it sure seems to in practice. The u201cinvisible handu201d is a measurable quantity of shared increase that only happens by the act of voluntary, fully-informed, exchange of value. Taxes (in the US) are not voluntary, they are not fully-informed transactions (think u201cwithholdingu201d,) and they are actually an exchange of debt.Income taxes are the worst possible kind of taxes. They have no place in a supposedly free society. There is simply no way to collect or enforce income tax without some government agency having its nose in all transactions and financial records, and fingers on many. That is the opposite of u201csecure in papers and effects.u201d Thatu2019s how we have a federal agency that is not constitutionally authorized but whose de facto powers exceed all elected representatives.Worse, income taxes are used as an instrument of social control. Thatu2019s what all those exemptions, deductions, and credits are foru2014this year, Congress wants you to behave this way and not that way. We can choose to act otherwise, but why should we pay the federal bribe to act with individual liberty?If we admit to a need to fund some collective services (defense, courts, etc.) by taxes, then the act of that theft should be as quick and painless as possible, with no chance for venal manipulation and no reason for Gestapo-like collection. Here are a few ideas.Poll tax - not very good, but itu2019s constitutional. Each state pays the federal government $xx for each person in that state. Each state collects separately. As I said, not very good.VAT or consumption tax - Right now we tax workers. (Soc. Sec. for instance.) Changing to a sales style tax would increase the value of labor relative to machines, as now the latter would be taxed rather than depreciated and the former could be depreciated rather than taxed. It requires zero individual record keeping. It does however make all businesses tax collectors, so itu2019s still far from perfect.A Forbes-style u201cflat tax.u201d If we absolutely feel we must keep taxing income. The truth is that u201cmoney-in - compute-stuff - collect x%u201d is a simple math construct and that the middle term can simply be eliminated, and still retain some u201crevenue neutralu201d tax picture. We donu2019t need exemptions, deductions, credits, depreciation, etc.Even less radical, but effective u2023 change the rules for capital gains, and for deductions. First, make all deductions available to businesses (retirement, travel, medical, taxes, entertainment, clothing, equipment, etc.) also available to individual human taxpayers. Only one set of rules where we donu2019t steal from people to subsidize business. Second, make the capital gains tax time sensitive. The less time you hold an asset, the greater your tax rate. The stock and commodity markets are supposed to be providing liquidity, not funding high-tech gambling schemes. Pick some reasonable time, letu2019s say 6 months. Hold an equity that long and tax is 20%. Hold it twice as long and tax is 15%, 10% for 18 months, 5% for two years, and after that. Going the other way, hold it for 3 months and itu2019s 25%, 6 weeks is 30%, 3 weeks is 35%, u2023 15 minutes is 80%, 4 min is 90%, 1 min or less is 100%. This eliminates high-speed trading and the gross market distortions is causes. It also promotes long-term investing.In short, there is a lot we could do to clean up federal taxation in the US. Donu2019t hold your breath. I fully expect to see the same Titanic thrown at us with an only mildy-rearranged set of deck chairs on the Lido deck.
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