Additional
Resources
This page has information about and links to other programs
not currently included in Covering All Families.
Tax Credits
Property
Tax Refund/Renters Refund/Circuit Breaker Credit
http://www.taxes.state.mn.us/prop_refund/refund_information/homeowners_refund.shtml
http://www.taxes.state.mn.us/prop_refund/refund_information/08ren.shtml
The
Property Tax Refund is
a state program administered
by the Minnesota Department
of Revenue. It is also called the Renters
Refund or the Circuit
Breaker Credit. It is available to homeowners and
renters.
It is based on your household
income and the property
taxes paid on your principal place
of residence.
Renters
need to obtain their
Certificate of Rent paid
(CRP) from their landlords.
Homeowners need to obtain
their Statement of Property
Taxes Payable from their county
office.
Child Tax Credit
http://www.irs.gov/individuals/article/0,,id=96362,00.html
The
Child Tax Credit is a federal
program for taxpayers with
dependent children age 16 or younger
as of
December 31.
The CTC can help reduce how
much a family will owe in
income tax. Families who
earn more than
$10,000 may be able to receive
a portion of it back
as a refund. Unlike the EITC,
which requires taxpayers
to have a Social Security
number, the CTC can be claimed
by taxpayers with a Social Security
number or an ITIN
(Individual Taxpayer Identification
Number). Thus, immigrant
families who cannot claim
the EITC may be able to
claim the CTC.
The
value of the Child Tax Credit
was increased from up to
$600 to up to $1,000 per
child
in tax
year
2003. During
the summer
of 2003, eligible taxpayers
could receive up to $400
for each child
claimed
on their
2002
returns as
an advance payment of their
2003 Child Tax
Credit. Click here to learn
more. (PDF)
Child and Dependent Care Credit, federal and state
http://www.irs.gov/newsroom/article/0,,id=106189,00.html
The
federal Child and Dependent
Care Credit is a non-refundable
credit available to individuals
who pay a caregiver
to care for their
dependent child or disabled
adult while they work or
look for work. The amount of credit
depends on the taxpayer’s income and expenses
incurred for dependent care.
http://www.taxes.state.mn.us/individ/forms/2002/pdf/m1cd.pdf
The Minnesota Child and
Dependent Care
Credit is a refundable credit available to taxpayers
who pay for care
of their dependent child under
age
13 or disabled older
child or adult
dependent while they work or look for work.
The amount of credit
also varies based
on incomeand expenses incurred for
dependent care.
Hope
Scholarship and Lifetime
Learning Credits
http://www.irs.gov/individuals/article/0,,id=96271,00.html
http://www.irs.gov/individuals/article/0,,id=96273,00.html
The Hope Scholarship
and Lifetime Learning
Credits are federal, non-refundable credits
intended to offset
post-secondary education expenses. The
Hope Scholarship
credit is intended mainly for
first and second
year college students. It is available for only two
years
per
eligible student.
The Lifetime Learning credit applies to
students of all levels
of most post-secondary
institutions. It is available for an unlimited number
of
years.
Minnesota K-12 Education
Credit
http://www.taxes.state.mn.us/taxes/individ/credits_subtractions_additions/education_credits_subtractions/educ_credit_sub.shtml
The Minnesota K-12
Education Credit
is a refundable credit for low-income
families
that
paid certain
educational
expenses
for their children.
There is a
per child and per family
limit on this
credit as well as household
income maximum.
Families
should keep
all receipts for qualifying educational
expenses.
Minnesota
K-12 Education
Subtraction
http://www.taxes.state.mn.us/taxes/individ/credits_subtractions_additions/education_credits_subtractions/educ_credit_sub.shtml
The
education subtraction, like a deduction, allows parents
to
deduct from
their
taxable income
certain expenses
paid for
K-12 education
for their
dependents. Families
at all income
levels are
entitled to a subtraction
and there
is no family
limit. There
is, however, a limit
per child
on how
much can
be subtracted. Families
should keep
all receipts for
qualifying educational expenses.
Retirement
Savings
Contributions Saver’s
Tax Credit
http://www.irs.gov/newsroom/article/0,,id=107686,00.html
This
federal
tax credit allows
for
some contributions to retirement
plans
or
Individual Retirement Accounts
(IRA’s) to not be taxable
and not
be used to calculate the EITC
or the Child Tax Credit. In
addition,
the credit reduces or
eliminates
the income tax a taxpayer
may owe, and encourages taxpayers
to contribute
to retirement plans
or IRA’s. A taxpayer
can receive a tax credit of
up to 50 percent
of a
maximum $2,000 contribution.
There
is a household income limit
for eligiblity.
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