Annual Tax Credit Application and Instructions January 2008-2025

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The Economic Stimulus Act of 2008 contained multiple provisions to boost the economy in the wake of the Great Recession . Individuals could receive an extra tax rebate of up to $600 outright plus $300 for every child.
The ARRA replaced the HOPE education credit with the more generous and more refundable American opportunity credit (at a 10-year cost of $14.8 billion), increased the refundability of the child credit ($13.9 billion), boosted the earned income tax credit ($4.7 billion), and temporarily suspended taxation of the first
General repayment rules for 2008 purchases. To repay the credit, you must increase your federal income taxes by 6⅔% (or 1/15) of the amount of the credit for each taxable year in the 15-year repayment period. The repayment period begins with the second taxable year following the year of qualifying home purchase.
Tax credits are also available for first-time homebuyers who purchased their homes in 2008. The Housing Economic Recovery Act of 2008 established a $7,500 tax credit that is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning in 2010.
General repayment rules for 2008 purchases. There are exceptions that may require you to accelerate the repayment (discussed later). Example You were allowed a $7,500 first-time homebuyer credit for 2008.

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For the most part those who filed as single individuals received between $300 and $600, while those who filed jointly received between $600 and $1,200. Additionally, parents with children under 17 who were eligible for a Child Tax Credit and had a Social Security number received an extra $300 per child.
Tax Credits for Individuals Most tax filers received a basic credit of $600or $1,200 for joint filersup to their income tax liability (before subtracting child and earned income credits).
You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.

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