Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Question about taxes for 2011

I went to the tax estimator and the $1000 for the child credit tax was there, but there was no option or function for the ADDITIONAL child tax credit.... I work for the IRS, so I should know this. Unfortunately I don't return for trainging until January....does anyone know if they have abolished this credit? And also if I can legally file my taxes based on my pay stubs and ammend them later. I so ashamed I don't know this. lol

Answer Question
 
poweredbycarma

Asked by poweredbycarma at 1:54 AM on Dec. 23, 2010 in Money & Work

Level 6 (104 Credits)
Answers (6)
  • I don't think they got rid of it. But the Child Tax Credit is to take away from your tax liability, so if only 1000 wiped out your tax liability then there's where the credit went. Usually on tax software you can see it gets carried over as an additional credit where you will get the remainder of the amount.

    You can file your taxes based on your pay stubs, I don't know any tax preparer, myself included, who would risk that.
    DomoniqueWS

    Answer by DomoniqueWS at 1:59 AM on Dec. 23, 2010

  • The child tax credit is a REFUND. It doesn't only zero out your tax liability. But if it does, then you qualify for the additional child tax credit. They are both refundable credits.
    poweredbycarma

    Comment by poweredbycarma (original poster) at 2:11 AM on Dec. 23, 2010

  • Oh and thanks! I know that tax prepares won't do it, but luckily I'm tax savvy..
    poweredbycarma

    Comment by poweredbycarma (original poster) at 2:12 AM on Dec. 23, 2010

  • Like I stated before
    the child tax credit takes away from tax liability and the additional child tax credit will get refunded to you. If you look at a 1040 you will see this.

    There are a lot of people who don't know squat about taxes who work for the IRS, trust me it gets annoying, this is pretty basic stuff you should know if you are tax savvy. If you practice preparing taxes by hand you will see why you are only getting so much and where all of the money went and why.  I suggest you get a couple 1040's and any other forms you will need and do your taxes by hand that way you know your tax situation in and out. It can be a pain in the ass amending a return and it can take much longer.
    DomoniqueWS

    Answer by DomoniqueWS at 2:23 AM on Dec. 23, 2010

  • There are a lot of people who don't know squat about taxes who work for the IRS.

    So true Tim Geithner runs the IRS and couldn't figure out how to do his taxes for a few years. Not shocked an employee wouldn't know much about how to do their own.lol
    Anonymous

    Answer by Anonymous at 9:07 AM on Dec. 23, 2010

  • I would check out the IRS's website. If they have done away with the credit, there should be an annoucement there. Also, last I was on the site, there was a list of FAQs.
    HotMama330

    Answer by HotMama330 at 10:59 AM on Dec. 23, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN