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R Taxpayers in Alaska! You may be able to file an easier tax form for 1996 ... filing 1040A (page 2) filing 1040 (page 2) Dear Alaskan Taxpayer: You will soon receive your 1996 Federal income tax package in the mail. But it may be different from the one you received last year. You may be one of the many Alaskans who will get the simpler 1040A, 1040EZ, or TeleFile package because of changes we made this year in how you can report the Alaska Permanent Fund Dividend (APFD) income. In the.
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OMB FAQ
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Federal Child Tax Credit It was established as a part of the 1997 Taxpayer Relief Act. Eligible recipients subtract the credit amount from their owed federal income taxes. Originally, the tax credit was $400 per child younger than age 17 and nonrefundable for most families.
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Taxpayer Relief Act of 1997 The Act introduced a $400 child tax credit for each child under age 17 and the credit was increased to $500 in 1999. The purpose of the child tax credit was to reduce the tax burden of families raising dependent children.
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Middle-income households received almost all of the benefits. The credit increased to $500 per child in 1999, and then by 2004 it grew to $1,000 per child as a result of legislation passed in 2001.
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The amount of the credit for 1996 is more than in 1995. The most credit you can receive in 1996 is: $2,152 with one qualifying child, ● $3,556 with more than one qualifying child, or ● $323 without a qualifying child.
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Employee Compensation Generally, you must include in gross income everything you receive in payment for personal services. In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options.
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Origins. The child tax credit was created in 1997 as part of the Taxpayer Relief Act of 1997. Initially it was a $500-per-child (up to age 16) nonrefundable credit intended to provide tax relief to middle- and upper-middle-income families.
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