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One of the most common tax credits is the child tax credit The child tax credit can reduce the amount that you owe for taxes. If you%u02BCre current tax liability is less than the child tax credit than you may be eligible for the additional child tax credit.

This additional credit will allow you a refund. The amount of the refund will differ depending on your total earned income. It may also be affected by the amount of social security and Medicare taxes that were paid.

The additional child tax credit is available to taxpayers with qualifying children. A qualifying child must be under the age of 17 before the end of the tax year and be a resident or citizen of the United States. You must also be able to claim this child as a dependent on your return.

You may receive a refund through the additional child tax credit up to 15% of your total earned income over $11,750.00 and under the income limitations.

The income limitations are as follows:

• Married filing jointly- $110,000
• Single, head of household-$75,000
• Married filing separately-$55,000

If you have three or more dependents that qualify for the child tax credit than you might also be able to claim the additional child tax credit. You may be able to claim up to the full amount of social security taxes that you have paid. If you have also qualified to receive the earned income credit than your maximum amount that you can receive for the additional child tax credit will be your social security tax paid minus the amount of the earned income credit you are able to receive.

You can Calculate the Additional Child Tax Credit Amount using the free tax return calculators provided by TurboTax.

The child tax credit can reduce the amount that you owe for taxes. If youʼre current tax liability is less than the child tax credit than you may be eligible for the additional child tax credit.

This additional credit will allow you a refund. The amount of the refund will differ depending on your total earned income. It may also be affected by the amount of social security and Medicare taxes that were paid.

The new economic stimulus plan will provide a variety of benefits but one part of the plan will provide one- time payments. The payments will be made from the department of social security and will benefit more than 55 million Americans.
 

Who will receive this payment?

If you currently receive social security or you are a SSI beneficiary then you should qualify to receive this payment. You may also be eligible for this payment if you receive benefits from the US Department of veteran’s affairs or from the railroad retirement board.

Children who receive SSI will be entitled to a full payment as well. If you currently receive benefits from more than one of these programs, you will only receive one additional payment. This payment will not be considered additional income. If you currently owe any type of federal debt such as child support then your payment will be applied automatically to those debts.

How much and when?

The current amount of this payment is $250.00 in addition to your normal monthly benefit payments. This amount will come separately from your normal benefit check and it will be delivered to you in the form that you normally receive your payments. Most of the payments are scheduled to be delivered by late May. If you do not receive your payment by mid June then you should contact your local Social Security office.

There is nothing that you need to do to receive this payment, if you are eligible then it will be sent to you. Need more information?

Visit TurboTax Online. TurboTax Online offers up-to-date economic stimulus information.

If you did not receive a stimulus check in 2008 based on your 2007 return you may now qualify for a recovery rebate check. This will be based on your 2008 earnings that you will file in 2009. They will take certain situations in to consideration. If you had a child in 2008 then you may be able be eligible as well.