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Calculation for taxes to get back 9000 1 child


To calculate the taxes you can get back with a child tax credit of $9,000, you will need to consider the following factors: 1. Your filing status: If you are married and filing jointly, you can claim a child tax credit of $2,000 for each qualifying dependent. If you are filing as head of household, you can claim a child tax credit of $3,000 for each qualifying dependent. 2. Your child's age: In order to qualify for the child tax credit, your child must be under the age of 17 at the end of the tax year. 3. Your income level: The child tax credit has income limitations. If you are married filing jointly, your modified adjusted gross income (MAGI) must be less than $400,000 to qualify for the full $2,000 credit. If you are filing as head of household, your MAGI must be less than $200,000 to qualify for the full $3,000 credit. Based on these factors, here is an example calculation for a married couple filing jointly with one child under 17 and a MAGI of $90,000. Child tax credit amount: $2,000 MAGI limit for full credit: $400,000 Ratio of MAGI to limit: $90,000/$400,000 = 0.225 Credit amount based on MAGI ratio: $2,000 x 0.225 = $450 In this example, the couple would be able to claim a child tax credit of $450 for their one child. However, this may be reduced or eliminated if they have other sources of income or deductions. It is important to consult a tax professional or use a tax software to accurately calculate the amount of taxes you can get back with a child tax credit of $9,000, as it may vary based on individual circumstances.