Question: How much is the Child Tax Credit for 2014 Answer: The child tax credit has been $1,000 for the last few years. For tax year 2014, the child tax credit is again $1,000. Each qualified dependent under the age of 17 is eligible for the child tax credit.
Question: What is the personal exemption for tax year 2014? The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950. Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950. The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 […]
Question: What is the standard deduction for tax year 2014? The standard deduction for taxpayer with single filing status is $6,200 and $12,400 for married filing jointly status. If your state and local tax paid, mortgage interest, real estate taxes, donations and etc are more than this amount, then you […]