Another Tax Rebate Question..Sorry Everyone!?
I'm sure everyones tired of these questions but I be wondering about the children beneath 17 part...what if your child is 17?? Will we still seize the 300.00 for him? We claimed him with no problem on our income tax--he a moment ago turned 17 in Dec. and is a junior within high arts school so he will be at home and in university til he graduates..Thanks for any answers everyone!!Answers: Unfortunately, no. Taxpayers beside dependent children UNDER age 17 will be eligible for an additional $300 per child. The IRS other determines age as of December 31.
My mistake. I stand corrected. I just read the entire report and the definition of "Child" for this credit is duplicate as the definition of "Child" for the "Child Tax Credit".
If your child turns 17 in 2008 or early, they will not qualify you for the credit. They need to be beneath 17 throughout 2008 to qualify. Sorry.
How can you have more than one W2? What determines how many you have?
Answers: If you work more that 1 job in a year, you will get more than 1 W2. You get one from each employer you work for.
1 for each job
Using stash bonds for teaching?
I have stash bonds that I would like to use to lend a hand pay for my 2 grandchildren`s college costs. Bonds are within my name. Will I enjoy to pay taxes on the interest?Answers: You settle the taxes on them when you cash them.As long as they are not cashed and drawing interest you pay packet no taxes.
If you cash the bonds, you will probably own to include the interest as taxable income on your tax return.
To exclude the interest (see IRS publication 970) you enjoy to meet a bunch of certificate. Usually the bonds that grandparents have flunk due to any the bonds having be issued before 1990 *or* the reality that the grandchildren are claimed as dependents on someone else's tax return.