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tax myth or fact

im trying to figure out well us mommies get our child credit for our babies but i had a insane year this year saved everything all reciepts for car repairs copays medication gas all that stuff but i was told that if i add that as a deduction it would be taken out of child tax credit .WAS THAT TRUE ?

Answer Question
 
hush84

Asked by hush84 at 10:59 PM on Jan. 23, 2011 in Money & Work

Level 9 (359 Credits)
Answers (3)
  • i don't think so because we itemize every year and it doesnt subtract anything from our taxes
    dominique1108

    Answer by dominique1108 at 11:02 PM on Jan. 23, 2011

  • im hopeing to get my income tax return but if adding my reciepts will have me have a smaller refund well than i wont
    hush84

    Comment by hush84 (original poster) at 11:05 PM on Jan. 23, 2011

  • Oh I think I know what you're trying to say.

    The earned income credit (not the child tax credit) works like a bell curve. So the more you make up to a point you'll get more of the EIC credit. You'll especially get more if your married and have up to three kids. Once you reach the highest point (somewhere in the $20,000 range for most people) it starts going back down.

    The amount of income is adjusted gross income. So if you made say $10,000 but your adjusted gross income is $5000 then you'd get less of a tax credit. So you might not want to claim all those deductions.

    I hope that makes sense.

    Here's the URL to the EIC table. It takes a bit to load- but you can find your income and then see how much of a return you'd expect to get. Put in your deductions and see if it is actually worth it to claim them. OR talk to a tax preparer and they'll help you decide:
    http://www.irs.gov/pub/irs-pdf/p596.pdf
    Erica_Smerica

    Answer by Erica_Smerica at 1:00 AM on Jan. 24, 2011

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