8000 Tax Credit Who Qualifies
August 27th, 2010Question: Earned income credit/tax refund question?
I have a questions for any qualified accountants/tax service employees or anyone who might know the answer.
My husband and I qualify for EIC. Typically we get around an $8000 dollar tax refund each year. We had a baby this year in March. So we now have 4 children under the age of 16. I went to the free Turbo Tax refund calculator (which in the past and this year for my sister was pretty accurate). When I put in that we had 3 dependents, it said we would get $10,289 but when I bumped it up to 4 dependents in went down to $6265. Is this right? Would the refund amount go down with a 4th dependent?
I didn’t think it sounded right either. I do remember our tax guy saying last year that our 4th child wouldn’t make our refund amount go up much, if any. But I couldn’t imagine it going down by $4000!Thank you all for your help
Answer: No, that doesn’t make sense. You wouldn’t get LESS EIC for four, just wouldn’t get any extra for the 4th child, and you should get the Additional child tax credit for the 4th child too. You wouldn’t get less overall with 4 kids than you would with 3.
“The numbers lie” or, “I don’t like these numbers”
Faced with the news that the conservative anti-carbon-tax rally yesterday had 400 participants, and Get Up’s pro-carbon-tax rally organised in response had 8,000, Andrew Bolt concludes that maybe the “public revolt” he’s been hyping has been somewhat exaggerated.
8000 Tax Credit 2009
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