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Social Security Tax Credit Rules

There are many types of tax credits that are available to taxpayers. These tax credits are usually employed on the individual or business’s federal or state tax return. So it seems that most people think of tax credits when it comes time for them to file their income tax returns. Below are questions that people have asked the Experts regarding social security tax credits.

What is tax credit?

Tax credit is a total that is deducted from amount of tax that a taxpayer owes. Tax credits can be given for several different types of taxes, for example taxes like property tax, value added tax, or income tax. A tax credit may also be given in several instances such as to encourage individuals to invest, or as an acknowledgment of taxes that have already been paid.

If the custodial parent is not working, and the children are receiving social security benefits for disability, can the non-custodial parent claim them for a tax credit without effecting the children’s disability benefits?

The non-custodial parent will only be able to claim the children as a tax credit, if the custodial parent is willing to sign a form 8832, which allows the non-custodial parent to take the child’s tax credit. If this happens it should have no effect on the benefits that the children receive.

Can an individual claim a dependent’s tax credit for a live in significant other that receives social security disability?

In many cases, this is possible that an individual can claim their significant other as a dependent and receive the tax credit. However in order for the significant other to be eligible to be a dependent, 50% of their care must be paid by the individual who is claiming them as a dependent. If the individual who is being claimed is receiving social security disability benefits being claimed as a dependent will have no effect on them receiving their social security benefits.

Is healthcare tax credit funded by taxpayers?

Often, healthcare tax credit is funded by taxpayers, since it is funded by the federal government. Much like social security or Medicare, healthcare tax credit is funded by taxpayers. The healthcare tax credit pays for a part of health insurance premiums, as long as the health insurance is qualified, for individuals and their family members, if they are eligible.

Are foster parents able to use foster children as a tax credit on their federal income tax?

In many cases, foster parents are able to claim their foster children on the federal income tax return for a tax credit. Being able to claim foster children for tax credits or deductions is a monetary benefit to being foster parents.

A tax credit is an amount that goes a taxpayer amount of taxes owed. Healthcare tax credit is a federally funded program that is funded by taxpayers. It pays a portion of health insurance premiums for individuals and their family members if they qualify. Foster parents are able to claim foster children on their income tax and receive the tax credit. If any individuals feel that they may not understand and need tax credit help, they are able to ask the Experts.
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