Life care is one type of Continuing Care Retirement Community (CCRC) that provides independent living, assisted living and nursing home care. The international accreditation agency for retirement facilities, CARF, describes life care communities as CCRCs that utilize an extensive or Type A Life Care/Extensive Contract.
Likewise, people ask, what is a CCRC?
Continuing care retirement communities are retirement communities with accommodations for independent living, assisted living, and nursing home care, offering residents a continuum of care. A person can spend the rest of his life in a CCRC, moving between levels of care as needed.
What does CCRC stand for in nursing?
Continuing Care Retirement Community
The Child Tax Credit can be worth as much as $1,000 per child for 2017 and later Tax Years. For 2017, the Child Tax Credit is at least partially refundable if you had an earned income of more than $3,000 (see the Additional Child Tax Credit).
So, regardless of how much you pay, the potential maximum child- and dependent-care credit is $1,050 (35% of $3,000) for the care of 1 person, twice that for 2 or more. Depending upon your income, the percentage range drops from 35% to 20% of your allowable care costs. The 35% rate is only for lower-income taxpayers.
In 2017, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.
The Child Tax Credit is $1,000 per qualifying child. A child must be your dependent and under age 17. The amount of the credit is reduced starting when your adjusted gross income reaches IRS limits. For 2012, the limit for married couples filing jointly was $110,000.
A single mom filing as head of household and making less than $75,000 as of publication, can claim a $1,000 child tax credit for each child. This amount comes off your tax bill. If you owe less than the child tax credit, you'll receive the balance as a refund.
In general, your credit is more valuable if you have one or more Qualifying Children. For 2017, the maximum Earned Income Tax Credit per taxpayer is: $510 with no Qualifying Children. $3,400 with one Qualifying Child.
How much are the EITC and CTC worth in 2018?
|Number of children:||Single workers with income less than:||EITC up to:|
|3 or more children||$48,340||$6,318|
How much can I earn and still qualify?
|If you have:||Your earned income (and adjusted gross income) must be less than:||Your maximum credit will be:|
|No qualifying children||$15,010 ($20,600 if married and filing a joint return)||$510|
|1 qualifying child||$39,617 ($45,207 if married and filing a joint return)||$3,400|
To qualify for and claim the Earned Income Credit you must: Have earned income; and. Have been a U.S. citizen or resident alien for the entire tax year; and. Have a valid Social Security number (not an ITIN) for yourself, your spouse (if filing jointly), and any qualifying children on your return; and.
If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return. A tax credit reduces your tax bill dollar-for-dollar, so three qualifying children, for example, can cut what you owe Uncle Sam by $3,000.
The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.
Earned Income Tax Credit Eligibility
|# of qualifying children||Single or head of household with income less than:||Max credit (up to)|
|3 or more||$48,340||$ 6,318|
The head of household status can lead to a lower taxable income and greater potential refund than the single filing status, but to qualify, you must meet certain criteria. To file as head of household, you must: Pay for more than half of the household expenses. Be considered unmarried for the tax year, and.
Filing as HOH. While filing as head household gives you a higher standard deduction and usually a lower tax rate than if you choose to file as single, you need to qualify first. To qualify, you must be able to claim a qualifying child or qualifying relative on your tax return.
You do not have to own a home to file as head of household, you only need to pay more than half the cost of maintaining your home, even if a rented apartment. To file as Head of Household, the IRS requires that you have a qualifying child or relative (as defined by the IRS) who also lives with you.
Generally, to qualify for head of household, you must have a qualifying child or dependent. However, a custodial parent may be able to claim head of household filing status with a qualifying child even if he or she released a claim to exemption for the child.