Tax Credits
Three tax credit opportunities are available for kinship families raising children in the United States. Earned Income Tax Credit provides a federal tax credit to workers with incomes up to $36,348 (single), or $38,348 (married) who are raising children. Families must meet income requirements that depend on the number of children they are raising. Caregivers do not have to be the child's legal guardian or custodian, and the child doesn't have to be defined as the caregiver's dependent by the IRS. The child must be your biological child, grandchild, stepchild, foster or adoptive child, sibling, or a descendant of one of these. The child must have lived with you for more than half of the filing year and be under the age of 19, a full-time student under the age of 24, or totally disabled.
Read more about this topic: Grandfamily
Famous quotes containing the word tax:
“I find nothing healthful or exalting in the smooth conventions of society. I do not like the close air of saloons. I begin to suspect myself to be a prisoner, though treated with all this courtesy and luxury. I pay a destructive tax in my conformity.”
—Ralph Waldo Emerson (1803–1882)