U.S. Department of the Treasury FACT SHEET:Married with children:
1) Married couple with two children1, earned income of $4,000, no federal income tax paid.
• Individual rebate = $600
• Child tax credit = $600
TOTAL = $1,200
2) Married couple with two children, earned income in excess of $3,000, AGI = $45,000, federal income tax is $323.
• Individual rebate = $600
• Child tax credit = $600
TOTAL = $1,200
3) Married couple with two children, AGI = $48,000, federal income tax is $773.
• Individual rebate = $773
• Child tax credit = $600
TOTAL = $1,373
4) Married couple with two children, AGI = $80,000, federal income tax paid in excess of $1,200.
• Individual rebate = $1,200
• Child tax credit = $600
TOTAL = $1,800
5) Married couple with two children, AGI = $160,000, federal income tax paid in excess of $1,200.
• Individual rebate = $1,200
• Child tax credit = $600
• Phaseout reduction = ($500) [5% x ($160,000 - $150,000) = $500]
TOTAL = $1,300
1 All children referenced in the examples are qualifying children for purposes of the child tax credit.
Head of household with children:
1) Single parent with two children, earned income of $4,000, no federal income tax paid.
• Individual rebate = $300
• Child tax credit = $600
TOTAL = $900
2) Single parent with two children, earned income in excess of $3,000, AGI = $38,000, federal income tax is $433.
• Individual rebate = $433
• Child tax credit = $600
TOTAL =$1,050
3) Single parent with two children, AGI = $60,000, federal income tax paid in excess of $600.
• Individual rebate = $600
• Child credit = $600
TOTAL =$1,200
4) Single parent with two children, AGI = $90,000, federal income tax paid in excess of $600.
• Individual rebate = $600
• Child credit = $600
• Phaseout reduction = ($750) [5% x ($90,000 - $75,000)]
TOTAL = $450
Married, no children:
1) Married couple with no children, earned income of $4,000, no federal income tax paid.
• Individual rebate = $600
2) Married couple with no children, earned income in excess of $3,000, AGI = $20,000, federal income tax is $930.
• Individual rebate = $930
3) Married couple with no children, AGI = $25,000, federal income tax is $1,430.
• Individual rebate = $1,200
4) Married couple with no children, AGI = $160,000, federal income tax paid in excess of $1,200.
• Individual rebate = $1,200
• Phaseout reduction = ($500) [5% x ($160,000 - $150,000)]
TOTAL = $700
Single, no children:
1) Individual with earned income of $4,000, no federal income tax paid.
• Individual rebate = $300
2) Individual with earned income in excess of $3,000, AGI = $10,000, federal income tax is $125.
• Individual rebate = $300
3) Individual with AGI = $16,000, federal income tax is $725.
• Individual rebate = $600
4) Individual with AGI = $80,000, federal income tax paid in excess of $600.
• Individual rebate = $600
• Phaseout reduction = ($250) [5% x ($80,000 - $75,000)]
TOTAL = $350
