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Learn about the history and features of the federal child tax credit (CTC) in the United States, a partially-refundable tax relief for parents with dependent children. The CTC has been expanded and modified several times since its creation in 1997, most recently in 2021.
Learn about the various forms and schedules used by the IRS for taxpayers and tax-exempt organizations to report financial information and calculate taxes. Find out the history, purpose, and features of Form 1040, the only form used for personal federal income tax returns since 2018.
The premium tax credit (PTC) is a federal subsidy for private health insurance for lower- and middle-income Americans who buy insurance through the ACA exchanges. Learn about the history, eligibility, calculation and legal challenges of the PTC.
Under the original program, qualified individuals originally were given a tax credit for 10 percent of the home’s purchase price, up to $7,500 (later increased to $8,000), which had to be repaid ...
Taxpayers with an adjusted gross income of $15,000 or less use the highest applicable percentage of 35%. For taxpayers with an adjusted gross income over $15,000, the credit is reduced by one percentage point for each $2,000 of adjusted gross income (or fraction thereof) over $15,000.
At this point, you can take the standard deduction or itemize deductions if you have enough tax deductions to surpass the value of the standard deduction. The result is your taxable income. The ...
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