Credit percentage increases from 40% to 45% for families with 3 or more children (maximum credit is now $5,657.
Addition to the phase-out amount for married taxpayers filing jointly increases from $3,120 to $5,000
Also more people will qualify for the Child Tax Credit in 2009. The earned income threshold generally needed to qualify for the additional child tax credit decreased from $8,500 to $3,000. As a result more people will qualify. This particular tax law applies for 2009 and 2010.
To view actual tax codes, visit: irs.gov
Blog Flux
About Me
- YouTube Channel
- I am a telecommunications engineer by trade, graduated DeVry - Chicago Campus, and worked WNUS-Chicago, KPIX San Francisco, Hewlett Packard and United Airlines - SFO. Born and raised in the San Francisco Bay Area. Lived in Europe, Africa for a short time, Mexico and South America. Early Childhood Education was my second career and my most rewarding. From vocational instructor at the college level to my own private preschool and kindergarten, this is the career that touched my heart. And now, even though I am retired and traveling the world, I still find the need to provide value for young children around the globe. I am the author of Travel the World on Social Security and several short fictional reads in the Kindle Store. My favorite Kindle eBooks are the series of educational books for kids ages 3 to 9 years of age. I have included each of the topics necessary for a young child to do well in Kindergarten. My eBooks are best viewed on a large-screen TV. The pages come to life, and children enjoy the enormous size of viewing their eBook on the big screen.