Can someone double check this for me?

Question

Yes ebfore you start fussing at me, I already went to HR Bloclk and did this myself I just want to see if its correct or if I missed something. I made only about 2600 last year and they withheld about 250 bucks give or take. I have one dependent and am filing single. I know I get 1000 for my child tax credit and I went to the IRS website and tried to figure up my EIC which was around 800 bucks. HRBLOCK gave me a refund of around 1300 but I don't think that includes EIC, correct? So, not including fees from whichever company I file with, I am firguring about 2000 for my refund. Is that about right or comepletely off?

In refernce to oen of the answers, I have not seen anything saying you have to make a certain amount to claim the Child Tax Credit of 1,000. Where is this stated and how did I miss it?

Okay I just went BACK to the IRS site and did the forms in my head for the Child Tax and it is saying that I would not be eligible for it since line 1 is less than line 7 {the last line}. It would have to be more supposedly for me to claim it.

Answer 1

If you made $2600 and have one qualifying child, your EIC would be $893. If you made somewhat more than that, then it would be a little more. Add that to the amount that was withheld, and you come up with your refund check amount. I come up with somewhat less than the $1300 that you mention, probably because all the numbers you give are "about" such-and-such an amount. Sorry, the H&R number DOES include your EIC, or it would be nowhere near that much.

The child tax credit is a credit against taxes owed - anything left over doesn't get refunded to you. With your income, you don't owe any taxes, so would get zero child tax credit. Under some circumstances a person can get some money from something called the "additional child tax credit" but you would probably not be eligible, and if you did get anything, it would be small.

Answer 2

If you had $250 withheld and your EIC is around $800, I would expect your refund to be around $1,050. The standard deduction and personal exemptions would wipe out your income, so you would have no tax liability. You would not benefit from the child tax credit since it is not a refundable credit, which means it cannot reduce your tax liability below zero. Since your tax liability before the credit is already zero, you don't get the child tax credit. If H&R Block is saying that your refund should be around $1,300, that probably means that your estimate of your EIC was a little low.

Answer 3

You are on the right track. You will receive atthe w/held $250 plus child credits & EIC if not more, Do your return in rough draft by downloading the forms, and Schedule EIC.

You need IRS SCHEDULE EIC,
from 1040, or 1040A

The schedule is at this site -
http://www.irs.gov/pub/irs-pdf/f1040sei.pdf
You should receive the $250 withheld, plus the child credit, plus the EITC
http://apps.irs.gov/app/eitc2006/SetLanguage.do?lang=en,
for EITC.


http://apps.irs.gov/app/eitc2006/Forward_2006_Calc.do;jsessionid=dt5KFxhdQh14rYrCZczhYHS38yjCMkhb5gGQ0Nvvl25kwGlYnH2X!1709453049!2056289482

www.IRS.gov
forms, schedules, instructions- & IRS search for answers.

Now to file electronically free -
www.irs.gov - and click on FREE Filing
choose whichever site you wish,
and if you have AGI (line 38 of the 1040 form) less than $52,000, you may file electronically - FREE!

GOD bless,
CPA-retired
MBA-Boston Univ.

More questions - just post them as additions to your questions - and I'll try to help.

Answer 4

Although you qualify for the chilid tax credit, because your tax is zero and you income is not high enough it is not a refundable credit. Therefore you only get the EIC and the tax withheld.

Answer 5

In your case, you will not get the $1000 Child Tax Credit as your income isn't high enough.

Answer 6

You can use the EIC estimator at http://apps.irs.gov/app/eitc2006/Return_To_Start.do

Good luck

Answer 7

sounds about right.........with H/R block..