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

(minimum 6 characters)

tax help....is this right?

Posted by on Jan. 25, 2010 at 9:44 PM
  • 17 Replies

According to turbo tax, im only eligible for a $282 child credit. Why am I not eligible for the full $1000? Is it because he isnt in daycare?

CafeMom TickersCafeMom Tickers
by on Jan. 25, 2010 at 9:44 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
sissychristi
by on Jan. 25, 2010 at 9:47 PM

I have no idea but here's a bump.



AlternaTickers - Cool, free Web tickers


HMHUTSON
by on Jan. 25, 2010 at 9:50 PM

 If your credit is bigger than your tax liability, your tax liability is reduced to zero, and the rest of the credit is lost.  So basically since your tax liability is less than the credit you are only getting what you are eligible for.



Pregnancy%20ticker

Chrissy9479
by on Jan. 25, 2010 at 9:52 PM

 you should automatically get the full $1000 unless you make more than i think its $75,000 a year (if you file single, its more if you file jointly) but there is an additional child credit, the EIC, it could be that.

edit*  day care has nothing to do with it, everyone gets the full $1000, my brothers are 15 and my mom gets all of it for both of them.





Lilypie First Birthday tickers

sparklebug86
by on Jan. 25, 2010 at 9:53 PM

whats the tax liability? Is that how much I owe? I only made $5000 last year

Quoting HMHUTSON:

 If your credit is bigger than your tax liability, your tax liability is reduced to zero, and the rest of the credit is lost.  So basically since your tax liability is less than the credit you are only getting what you are eligible for.


CafeMom TickersCafeMom Tickers
Chrissy9479
by on Jan. 25, 2010 at 9:56 PM

 oh thats why, you have to pay in at least $1000 in taxes to get the full $1000 back.  I forgot about that!  basically you can't get back more than you paid in.  does that make sense?





Lilypie First Birthday tickers

sparklebug86
by on Jan. 25, 2010 at 10:00 PM

ahhhh.... yes it does! Thank you!

Quoting Chrissy9479:

 oh thats why, you have to pay in at least $1000 in taxes to get the full $1000 back.  I forgot about that!  basically you can't get back more than you paid in.  does that make sense?


CafeMom TickersCafeMom Tickers
bshaw913
by Bronze Member on Jan. 25, 2010 at 11:47 PM

I have no clue how it works, but we always get back a bunch more than we put in...  We dont file our own taxes either, so i have no clue how.

Quoting sparklebug86:

ahhhh.... yes it does! Thank you!

Quoting Chrissy9479:

 oh thats why, you have to pay in at least $1000 in taxes to get the full $1000 back.  I forgot about that!  basically you can't get back more than you paid in.  does that make sense?

 


pregnancy
baby
Chrissy9479
by on Jan. 26, 2010 at 12:14 AM

its not just what you pay in from your pay check its also the taxes you pay on your house, your car, student loans, etc. you have to take all that into account also. but if you don't have any of that then its just based on what you paid in from your pay check. (at least thats what i remember from my economics class)

Quoting bshaw913:

I have no clue how it works, but we always get back a bunch more than we put in...  We dont file our own taxes either, so i have no clue how.

Quoting sparklebug86:

ahhhh.... yes it does! Thank you!

Quoting Chrissy9479:

 oh thats why, you have to pay in at least $1000 in taxes to get the full $1000 back.  I forgot about that!  basically you can't get back more than you paid in.  does that make sense?

 







Lilypie First Birthday tickers

mommy2xp
by on Jan. 26, 2010 at 12:22 AM

yep it all depends on how much you pay in, plus how much you make.

meam4444
by Emerald Member on Jan. 26, 2010 at 8:52 AM

hmm never heard about not getting the full 1000 but then again im not a tax person and i dont even know if we do....here's a bump

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)