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Isn't that just crazy!? Where is the justification in that? Seriously, I mean, if their reasoning included only being able to claim that credit until you are no longer "legally responsible" for them, that would be one thing. I wouldn't agree....because if you're supporting them, you're supporting them....but "under the age of 17"? That's a crock. Sorry you lost him from your turn...believe me, I sympathize.
We have 2 over the age of 18 who are living at home and attending college full time....makes me crazy that you can't declare them. They eat a LOT!...dirty a lot of clothes, shower every day....etc. They're our "dependants" but not CTC.
Well we have never gotten any deductions for our kids because we make to much money. I am not a big fan of the child tax credit but if there is going to be one it should be available to all people with kids not just those who make a certain amount of money.
Agreed! Just because you no longer have children in daycare, it doesn't mean the you don't have expenses. What makes me crazy, as I said before is the cutoff age for the tax credit. If your child is currently living at home and attending college, you should be receiving the child tax credit. You are still feeding them, housing them, etc. The government wants you to encourage your children to go to college, so that they will (theoretically) be higher wage earners, (hence, pay more in taxes), and yet they pull the child tax credit if they're over the age of 16!
No, they should NOT be getting the child tax credit once they hit 18. They're legally ADULTS. If you're still feeding/housing them, charge them some rent.
Isn't that just crazy!? Where is the justification in that? Seriously, I mean, if their reasoning included only being able to claim that credit until you are no longer "legally responsible" for them, that would be one thing. I wouldn't agree....because if you're supporting them, you're supporting them....but "under the age of 17"? That's a crock. Sorry you lost him from your turn...believe me, I sympathize.
We have 2 over the age of 18 who are living at home and attending college full time....makes me crazy that you can't declare them. They eat a LOT!...dirty a lot of clothes, shower every day....etc. They're our "dependants" but not CTC.
If you're contributing more than 50% toward their support, aren't you allowed to take a credit/deduction (I don't know which one is applicable.)?
Isn't that just crazy!? Where is the justification in that? Seriously, I mean, if their reasoning included only being able to claim that credit until you are no longer "legally responsible" for them, that would be one thing. I wouldn't agree....because if you're supporting them, you're supporting them....but "under the age of 17"? That's a crock. Sorry you lost him from your turn...believe me, I sympathize.
We have 2 over the age of 18 who are living at home and attending college full time....makes me crazy that you can't declare them. They eat a LOT!...dirty a lot of clothes, shower every day....etc. They're our "dependants" but not CTC.
It is kind of stupid. Maybe they figure at 17 the kid can have a job and contribute?
Well we have never gotten any deductions for our kids because we make to much money. I am not a big fan of the child tax credit but if there is going to be one it should be available to all people with kids not just those who make a certain amount of money.
You would really take that credit away from a family who is filing jointly and makes under $47,000 per year, just because higher income individuals can't get the credit!? Sure, it's a great system......where the rich get richer and the poor get poorer. I'm sure it must be heartwrenching to make so much money that you don't qualify for the child tax deductions. All of us who do, I'm sure, feel great pity for you who don't.
If you're contributing more than 50% toward their support, aren't you allowed to take a credit/deduction (I don't know which one is applicable.)?
You are allowed to declare them as a dependant. If they're under 24, living with you, attending college, and not supporting themselves, and if your income allows, you can also file for EIC for a couple of those same children, not for the Child tax credit though.
It is kind of stupid. Maybe they figure at 17 the kid can have a job and contribute?
Yeah, like most kids at the age of 17 are going to contribute. They take that credit away just at the time where parents of seniors need it the most, eh?.....graduation announcements, caps, gowns, graduation, getting ready for college,etc.
Just let that same 17 yo start acting up, get in trouble, ring up charges that YOU are responsible for (because they're under 18), and the government doesn't have any trouble holding you responsible for that. But they won't let you claim child tax credit if they're not under that age of 17. It's just pretty darn bizarre.
I get that but if they are going to do this then the cap needs to be somewhere. I don't agree that tax dollars should be subsidizing childcare for families who make over $100K per year. If a family making that much money can't cover their childcare costs then they need to seriously rethink their budget. I actually think the current proposal of $85K is too high. Overall this seems like a really bad idea and Ihope that it does not happen.
I agree. It's way too arbitrary.
A child tax break for all families would be much better.
You would really take that credit away from a family who is filing jointly and makes under $47,000 per year, just because higher income individuals can't get the credit!? Sure, it's a great system......where the rich get richer and the poor get poorer. I'm sure it must be heartwrenching to make so much money that you don't qualify for the child tax deductions. All of us who do, I'm sure, feel great pity for you who don't.
Actually I don't think ANYONE should get a tax credit for having a child. I think that the tax structure should be set up to get the revenue required to run the government, not as an instrument of social engineering. Everyone should pay their fair share regardless of how many children they have.
I don't think the government should reward you by giving you a tax credit for your kids, nor should it punish you for NOT having kids by giving a tax credit to those who do have kids. Having enough money to raise our kids is OUR responsibility, not the responsibility of other taxpayers.
Actually I don't think ANYONE should get a tax credit for having a child. I think that the tax structure should be set up to get the revenue required to run the government, not as an instrument of social engineering. Everyone should pay their fair share regardless of how many children they have.
I don't think the government should reward you by giving you a tax credit for your kids, nor should it punish you for NOT having kids by giving a tax credit to those who do have kids. Having enough money to raise our kids is OUR responsibility, not the responsibility of other taxpayers.
Believe me, I do understand what you're saying...and that tax credit had nothing to do with OUR personal decision to have the number of children that we had. If I had no children, I would most likely feel exactly as you do.
You do realize WHY they came up with the idea though, right? They figured if they offered up that credit, people would CHOOSE to have kids. More kids means more potential tax dollars going into the government later. Pretty ridiculous concept when you consider the number of jobs in our country that are "outsourced" these days, the machinery that was developed in order to "do the job of 50 people, etc.
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