01-30-2009, 02:11 PM
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 Re: does this pass reasonability test A single taxpayer with no children and an earned income AGI < $12,880 gets an Earned Income Credit of up to $438 - could that be the source of the difference? |
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#-1
01-29-2009, 12:43 PM
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| does this pass reasonability test hello all, in going over the family finances, came across what at 1st glance looks like an anomaly, but perhaps it's not. a fulltime student, total income 2008 of $16,000 paid federal taxes $220.00 student paid $15,000 out of savings for university terms and had no other income. taxcut online calculated return of federal taxes at $560.00 how can that be? there is only a $2000.00 credit allowed for the university costs (no hope credit, lifetime learning credit allowed) and no other deductions other than standard deduction allowed was taken to offset income calculation. student did not get economic stimulus payment in 2008 so is the $560 including a $300 for that purpose? |
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| pass, reasonability, test |
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