Married with Children
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liabilty and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers.
Examples of how the Economic Stimulus Act of 2008 may affect taxpayers who are married, file a joint return and have children who qualify for the child tax credit payment:
6) Married couple with two children, AGI is $80,000, federal income tax liability before child tax credit exceeds $1,200.
Individual rebate is $1,200
Qualifying child credit is $600
TOTAL is $1,800
7) Married couple with two children, AGI is $160,000, federal income tax liability before child tax credit exceeds $1,200.
Individual rebate is $1,200
Qualifying child credit is $600
Phaseout reduction is ($500)
TOTAL is $1,300
It is best to have IRS figure rebate out for you. You cannot trust software 100% because IRS is still working on the terms.
