@Prayingmother_40 The child tax credit for 2024 is based on having income from working. You must have at least $2500 of income from working in order to get any of the refundable additional child tax credit. An earned income of only $2500 will not get you the full amount of the credit, however.
Can I file taxes with no income if I have a dependent? Yes, you are certainly allowed to file a tax return even with minimal income. Although you may not have to file a tax return based on the IRS required filing income threshold, if you are claiming a dependent, it may be beneficial to file a tax return.
If you did not work and did not have any other type of taxable income then there is no reason to file a tax return, with or without claiming dependents. You are not eligible for any type credits which are based on income from work, including the Child Tax Credit.
After an inflation adjustment, the 2024 standard deduction increases to $14,600 for single filers and married couples filing separately and to $21,900 for single heads of household, who are generally unmarried with one or more dependents. For married couples filing jointly, the standard deduction rises to $29,200.
If you have income below the standard deduction threshold for 2024, which is $14,600 for single filers and $29,200 for those married filing jointly, you may not be required to file a return. However, you may want to file anyway.
For 2024 (taxes filed in 2025), the child tax credit is worth up to $2,000 per qualifying dependent child.
If you qualify for tax credits, such as the Earned Income Tax Credit or the Child Tax Credit, you can receive a refund even if your tax is $0. To claim the credits, you have to file your 1040 and other tax forms.
Does a stay-at-home parent file taxes? As a stay-at-home parent, you can absolutely file taxes. Whether you are required to file a tax return depends on your income level. If you earn any income from freelance work, investment income, or a side business, you may need to report it, depending on how much you make.
You can be claimed as a dependent and still need to file your own tax return. Your filing requirement depends on your income, marital status and other criteria. Find details on filing requirements for dependents.
Yes, if your child was born alive during the year and the tests for claiming your child as a dependent are met, you may claim her as a dependent. You may also be entitled to claim: The child tax credit (CTC) and/or additional child tax credit (ACTC) Head of household filing status.
As of tax year 2022 forward, taxpayers do not need to have earned income to be eligible.
Overview. You may be eligible for a California Earned Income Tax Credit (CalEITC) up to $3,644 for tax year 2024 as a working family or individual earning up to $30,950 per year.
It is important to note that even if a taxpayer has no income, they must still file a tax return if they have a dependent and wish to claim tax credits. Failure to do so could result in a loss of benefits.
Your Other Option: Supplemental Security Income (SSI)
If you're a homemaker or stay-at-home parent, your best option for disability benefits is to apply for supplemental security income. SSI is available to everyone, regardless of your history of paid, taxed work. However, SSI has criteria of its own.
Do nursing home residents on Medicaid have to file taxes? Medicaid is not taxable income, but beneficiaries should still file taxes. Most people who are eligible for Medicaid won't owe any taxes. However, the nursing home resident or their Power of Attorney is still responsible for filing taxes for any taxable income.
For tax year 2024, you may qualify for YCTC with total earned income of zero dollars or less provided all the following apply: Your total wages, salaries, tips, and other employee compensation (whether subject to California withholding or not), if any, do not exceed $34,602. Your total net loss does not exceed $34,602.
Even if your income is below the amount that requires you to file, you can still file a return to claim a refundable tax credit or get a tax refund.
Your significant other earned less than $5,050 for 2024.
According to the IRS dependent rules, your boyfriend or girlfriend must have earned less than $5,050 for the 2024 tax year if you want to claim them as a dependent.
You do not need income to be eligible for the Child Tax Credit if your main home is in the United States for more than half the year. If you do not have income, and do not meet the main home requirement, you will not be able to benefit from the Child Tax Credit because the credit will not be refundable.
To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.
The maximum credit amount is $500 for each dependent who meets certain conditions. This credit can be claimed for: Dependents of any age, including those who are age 18 or older. Dependents who have Social Security numbers or Individual Taxpayer Identification numbers.