What was the exemption amount for 2014?
$3,950
Personal Exemptions. The personal exemption amount is $3,950 in 2014, up from $3,900 in 2013.
What is the Earned income Tax Credit for 2014?
The maximum amount of credit for Tax Year 2014 is: $6,143 with three or more qualifying children. $5,460 with two qualifying children. $3,305 with one qualifying child.
What was the personal exemption in 2016?
In 2016, the personal exemption was $4,050. Thus, a married couple with three children received a maximum exemption of $20,250, or $4,050 for each of the five family members. However, the exemptions phase out for wealthier filers.
Do I qualify for earned income credit while on unemployment?
The IRS defines “earned income” as the compensation you receive from employment and self-employment. However, as long as you worked or were otherwise self-employed during the same year you started receiving unemployment checks, you may still be eligible to claim the Earned Income Credit.
What president started the child tax credit?
The child tax credit (CTC) is a flat-dollar tax benefit offered to most households to help offset the cost of children. It has been in the tax code since 1997, and was significantly expanded under President Bush in 2001 and President Obama in 2009.
What’s the phaseout for the tax deduction for 2014?
For 2014, the phaseout begins at $152,525 for mar ried individuals filing separate returns; $254,200 for single individuals; $279,650 for heads of household; and $305,050 for married individuals filing joint returns or qualifying widow(er)s. See Phaseout of Exemptions, later.
What’s the standard deduction for a single person in 2014?
For 2014, the phaseout begins at $152,525 for mar ried individuals filing separate returns; $254,200 for single individuals; $279,650 for heads of household; and $305,050 for married individuals filing joint returns or qualifying widow(er)s. See Phaseout of Exemptions, later. Standard deduction increased.
How much can you deduct on a standard exemption?
Exemption amount. The amount you can de duct for each exemption has increased. It was $3,900 for 2013. It is $3,950 for 2014. Exemption phaseout. You lose at least part of the benefit of your exemptions if your adjusted gross income is above a certain amount.
Do you have to prepay Utah taxes for 2014?
You must prepay by the original due date: • 90 percent of your 2014 Utah tax due (TC-40 line 27 plus line 30); • 100 percent of your 2013 Utah tax liability (TC-40 line 27 plus line 30 of your 2013 Utah return); or • 90 percent of your 2014 Utah tax due if you did not have a Utah tax liability in 2013 or if this is your fi rst year fi ling.