| Consider reviewing your beneficiary designations at least once a year, and update them if necessary. | Beneficiary Designations |
Child Tax Credit |
Beginning with the 2009 tax return, the child must be your dependent and the child must be younger than the person claiming the credit. Also, the 2009 American Recovery and Reinvestment Act increases the eligibility for this credit. |
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26 September 2009 |
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If you gave any one person gifts in 2009 or 2010 that were valued at more than $13,000, you must report the total gifts to the Internal Revenue Service (IRS) and may have to pay gift tax on the gifts on your Federal income tax return.
The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value. Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift. There are some exceptions to the tax rules on gifts. The following gifts do not count against the annual limit:
If you are married, both you and your spouse can give separate gifts of up to the annual limit to the same person without making a taxable gift. Share:
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| Topic: Marriage and Family |