|Credits for 2009 Tax year*|
|Type||Maximum Benefit||MFJ Phaseout Begins at||MFJ 100% Phaseout at|
|Child Care Credit||$1,050 per child|
|$15,000||43% phaseout at $43,000|
|Child Tax Credit||$1000 per child||$110,000||$110,000 + $20,000 for each child|
|Additional Child Tax Credit||up to $1000 per child||n/a||earned income below $3,000|
|Hope Education Credit||$2500 per child up to four years||$160,000||$180,000|
|Lifetime Learning Credit||$2000 per family||$100,000||$120,000|
|Earned Income Credit|
$2853 - one child
|$16,420||$35,463 for one child|
$40,295 for 2 children
$43,279 for 3 or more
*While the sources are believed to be good, My Wealth Builder cannot guarantee the accuracy, timeliness or completeness of the information in the table.
Since the 2007 update, the credits have either stayed the same (child dependent care, and child tax credits) or have become more generous, with either larger credits or allowing higher income levels to qualify. Currently, we are only eligible for the child tax credit. Hopefully, the education credits (Hope and Lifetime Learning) will still be available when our daughter attends college.
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This is not financial or tax advice. Please consult a professional advisor.