Playing around with my deductions I found my refund increased $1300 when I deleted the child care credit of $17,044 (4 dependants). Am I doing something wrong?
2007-01-20 15:13:50 · 2 answers · asked by Jenn 2 in Business & Finance ➔ Taxes ➔ United States
Again I used turbo tax. I added in what I paid for each chilld as it asked. Wouldn't it just submit the max? Is the $2,100 per child or total?
2007-01-21 06:32:44 · update #1
I'm looking at form 2441, the form to calculate child care credit. It says on line 3 that the limit on expenses used for calculating the credit for two or more dependents is $6000. Line 6 is the smallest of line 3 or 4 or 5, so couldn't be over $6000. Then the amount on line 6 is multiplied by a percentage that can be as high as 35% to get line 9, so the highest that could be is $2100. The credit (line 11) is the smaller of line 9 or line 10, so could not be more than the $2100 maximum for line 9. How did you calculate $17,044 as your child care credit? Something doesn't sound right here. $17,044 is way higher than the upper limit for the child care credit.
2007-01-20 16:23:14 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
lol, usually no. it depends other factors. you should double check. you will also find out that your refund has a possiblity of being different with other software.
but i have to look that up.
2007-01-20 23:19:51 · answer #2 · answered by ill take it straight with no ice 3 · 0⤊ 0⤋