I heard that the 2011 child tax credit will be only $500. What do you know abou

  1. profile image47
    triskiadekaposted 7 years ago

    I heard that the 2011 child tax credit will be only $500.  What do you know about this ?

    I also heard that in 2011 we will have to claim our Health Insurance as income if it is a benefit from a job.....

  2. J. McCoy profile image60
    J. McCoyposted 7 years ago

    Tax law has not yet been finalized for 2010. Check out the IRS website at the end of the year. They will have a FAQ section that will specifically address this question. I guess you should keep in mind that congress can change tax law even after that year has passed. This just happened in 2007-2008.

  3. Mark C Middleton profile image63
    Mark C Middletonposted 7 years ago

    The credit increase to $1,000 is one of the Bush tax items scheduled to expire at the end of 2010 if Congress does nothing, then, yes it will revert back to $500.  But it is a wait and see situation.

    Amount paid by an employer for health insurance will be a required informational disclosure on your W-2 beginning in 2011, however, it will not be included as taxable income in box #1 of your W-2 - again, it will be a disclosure only and NOT taxable income.

 
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