Another Tax Question

[Mercy]

Well two, I use TaxAct to prepare my taxes and when I was finished and looked over the Fed 1040, Line 52 (Child Tax Credit) was filled in with $1,000.00 (I have two sons), is that right?

Also on the Schedule A, 15b (Gifts of cash or check after Aug. 27, 05) is this for donations made specifically for Katrina?

 

[DisneyTarheel]

Well two, I use TaxAct to prepare my taxes and when I was finished and looked over the Fed 1040, Line 52 (Child Tax Credit) was filled in with $1,000.00 (I have two sons), is that right?

You can get a credit of *up to* $1,000.00 per child. Assuming you entered all of your data correctly, you may not be eligible to receive the entire $2,000.00.

 

[lewdyan1]

Well two, I use TaxAct to prepare my taxes and when I was finished and looked over the Fed 1040, Line 52 (Child Tax Credit) was filled in with $1,000.00 (I have two sons), is that right?

Also on the Schedule A, 15b (Gifts of cash or check after Aug. 27, 05) is this for donations made specifically for Katrina?

Unless you hit one of the limitations on the Child Tax Credit you should see $1,000 per child. There are limits based on income and other criteria, which can reduce the credit. First check that you have the correct number of children set-up in the program, if so, see if the program is limiting the amount you receive for some other reason.

Line 15b is not only for specific Katrina deductions, but it does have to be a qualified charity to get the deduction, same as normal, the only change is that donations made after this date do not have the same dollar value limitations for the year, as the usually do.

As a CPA I would recommend Turbo Tax over Tax Cut 100%, just my preference.

ETA this is DCPA using my DW's screen name.

 

[Mercy]

Unless you hit one of the limitations on the Child Tax Credit you should see $1,000 per child. There are limits based on income and other criteria, which can reduce the credit. First check that you have the correct number of children set-up in the program, if so, see if the program is limiting the amount you receive for some other reason.

Line 15b is not only for specific Katrina deductions, but it does have to be a qualified charity to get the deduction, same as normal, the only change is that donations made after this date do not have the same dollar value limitations for the year, as the usually do.

As a CPA I would recommend Turbo Tax over Tax Cut 100%, just my preference.

ETA this is DCPA using my DW's screen name.

Thanks for the help. So for line 15b, if I give weekly to church can those amounts after 8/27 be placed on that line?

Maybe I'll try using TurboTax, btw, I used TaxAct not Tax Cut.

 

[lewdyan1]

Yes, that line can be used for cash donations to the church, as long as it is a qualified non-profit, and it probably is.

I would still recommend TurboTax. I know it is a little more expensive, but is is typically more polished, easier to use, and less prone to problems. Again, this is just my opinion.

 

[tar heel]

For the child tax credit, you could have hit the income limit or one of your sons may have aged out. You lose the credit the year your child turns 17.

 

[Mercy]

For the child tax credit, you could have hit the income limit or one of your sons may have aged out. You lose the credit the year your child turns 17.

Ok, my oldest is 18... thanks.

 

[tar heel]

In that case you wouldn't have had the credit last year either. My middle son turned 18 last week and this is our second year with no credit for him.